Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 713.550

Treatment of head company's franking account after joining

                   Sections 709-70 and 709-75 do not apply in relation to a * subsidiary member of a * consolidated group if:

                     (a)  the subsidiary member is a * life insurance company; or

                     (b)  a life insurance company that is a * member of the group owns * membership interests, either directly or indirectly through one or more interposed entities, in the subsidiary member.

Liabilities for life insurance companies leaving consolidated group



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