INCOME TAX ASSESSMENT ACT 1997 - SECT 719.435 Distributions by subsidiary members of MEC group taken to be distributions by head company
INCOME TAX ASSESSMENT ACT 1997 - SECT 719.435
Distributions by subsidiary members of MEC group taken to be distributions by head company(1) Part 3 - 6 operates as if a * frankable distribution made by an * eligible tier - 1 company that:
(a) is a member of a * MEC group; and
(b) is not the * provisional head company of the group;
had been made by the provisional head company of the group to a * member of the provisional head company.
Note: Part 3 - 6 deals with imputation.
(2) Part 3 - 6 operates as if a * frankable distribution made by a * subsidiary member of a * MEC group (the foreign - held subsidiary ) that is not an * eligible tier - 1 company were a frankable distribution made by the * head company of the group to a * member of the head company if:
(a) the foreign - held subsidiary meets the set of requirements in section 703 - 45, section 701C - 10 of the Income Tax (Transitional Provisions) Act 1997 or section 701C - 15 of that Act; and
(b) the frankable distribution is made to a foreign resident.