Commonwealth Consolidated Acts Commonwealth Consolidated ActsOnly the head company of a consolidated group has an operating franking account. The subsidiary members’ franking accounts do not operate while they are subsidiary members. Debits or credits that would otherwise arise in subsidiary members’ franking accounts arise instead in the head company’s franking account.
Table of sections
Object
709‑55 Object of this Subdivision
Treatment of franking accounts at joining time
709‑60 Nil balance franking account for joining entity
Treatment of subsidiary member’s franking account
709‑65 Subsidiary member’s franking account does not operate
Treatment of head company’s franking account
709‑70 Credits arising in head company’s franking account
709‑75 Debits arising in head company’s franking account
Franking distributions by subsidiary member
709‑80 Subsidiary member’s distributions on employee shares taken to be distributions by head company
709‑85 Non‑share distributions by subsidiary members taken to be distributions by head company
[This is the end of the Guide.]