Document ID: chunk:federal_register_of_legislation:C2025C00014:clause:2d_8:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: clause
Provision Reference: sch 2D cl 8 (pt 2/4)
Character Range: 2205508–2208180

apply to the transition taxpayer
 (3) If:
 (a) one or more franking debits of the transition taxpayer arise after the transition time; and
 (b) any of the debits is to an extent (the amount of which is the pre‑transition time component of the debit) attributable to the period, or to an event taking place, before the transition time; and
 (c) immediately before the transition time:
 (i) there was a franking surplus of the transition taxpayer that was less than the total of the pre‑transition time components of all of the debits; or
 (ii) there was no franking surplus of the transition taxpayer;
then:
 (d) in a case covered by subparagraph (c)(i)—subsection (1) does not apply to the surplus; and
 (e) in any case—subsection (2) does not apply to the debits.

Cases where subsections (1) and (2) do not apply to a subsidiary
 (4) If:
 (a) one or more franking debits of a subsidiary of the transition taxpayer arise after the transition time; and
 (b) any of the debits is to an extent (the amount of which is the pre‑transition time component of the debit) attributable to the period, or to an event taking place, before the transition time; and
 (c) immediately before the transition time:
 (i) there was a franking surplus of the subsidiary that was less than the total of the pre‑transition time components of all of the debits; or
 (ii) there was no franking surplus of the subsidiary;
then:
 (d) in a case covered by subparagraph (c)(i)—subsection (1) does not apply to the surplus; and
 (e) in any case—subsection (2) does not apply to the debits.

57‑125  Subsidiary
 (1) A company (the subsidiary company) is a subsidiary of another company (the holding company) if all the shares in the subsidiary company are beneficially owned by:
 (a) the holding company; or
 (b) one or more subsidiaries of the holding company; or
 (c) the holding company and one or more subsidiaries of the holding company.
 (2) A company (other than the subsidiary company) is a subsidiary of the holding company if, and only if:
 (a) it is a subsidiary of the holding company; or
 (b) it is a subsidiary of a subsidiary of the holding company;
because of any other application or applications of this section.

Subdivision 57‑N—Division not applicable in respect of certain plant

57‑130  Plant or depreciating assets covered by Subdivision 58‑B of the Income Tax Assessment Act 1997
 (1) Subdivision 57‑J, and Subdivision 57‑K in so far as it applies to balancing adjustments for plant or depreciating assets, do not apply in respect of an asset to which Subdivision 58‑B of the Income Tax Assessment Act 1997 applies.
 (2) Despite subsection (1), Subdivision 57‑J applies for the