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INCOME TAX ASSESSMENT ACT 1997 - SECT 719.430

Transfer of franking account balance on cessation event

             (1)  This section operates if:

                     (a)  a * cessation event happens to the * provisional head company of a * MEC group (the former head company ); and

                     (b)  another company (the new head company ) is appointed as the provisional head company of the group under subsection 719-60(3).

             (2)  When the new head company is appointed:

                     (a)  the * franking account of the former head company ceases to operate; and

                     (b)  the new head company has a franking account; and

                     (c)  any * franking surplus or * franking deficit in the franking account of the former head company just before the * cessation event happened becomes that of the new head company.



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