Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section operates for the purposes of Part X of the Income Tax Assessment Act 1936 if:
(a) a company (the joining company ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and
(b) assuming the joining company had not done so, an attribution credit would have arisen under subsection 371(8) of that Act at a later time for an attribution account entity in relation to the joining company for the purposes of that Part.
Credit in relation to the head company
(2) The attribution credit arises instead at the later time for the attribution account entity in relation to the * head company of the group.