(a) an entity (the former subsidiary ) ceases to be a * subsidiary member of a * consolidated group (the old group ) at a particular time (the leaving time ); and
(b) at or after the leaving time, the former subsidiary * receives a refund of income tax or * receives a refund of diverted profits tax, for which it was jointly and severally liable under subsection 721 - 15(1) because it was a subsidiary member of the old group; and
(c) apart from this section, a * franking debit would arise under section 205 - 30 in the * franking account of the former subsidiary at a time (the debiting time ) because of that payment.
(a) does not arise at the debiting time in the * franking account of the former subsidiary; and
(b) instead, arises at the debiting time in the franking account
of the entity that was the * head company of the old group at the leaving
time.