Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 24AW

Body ceasing to be an STB

                   If a body ceases to be an STB in a year of income (the cessation year ), this Act applies to the body as if:

                     (a)  the cessation were a change which requires a company to calculate its taxable income and tax loss under Subdivision 165-B of the Income Tax Assessment Act 1997 ; and

                     (b)  the references in that Subdivision to "company" were references to "body"; and

                     (c)  if the body is not a company--there were no further requirement for the body to calculate its taxable income for the year of income under that Subdivision; and

                     (d)  the amount of any notional loss of the body calculated under section 165-50 of that Act for the period before the cessation were nil; and

                     (e)  the body's deductions for tax losses were attributed under section 165-55 of that Act to the period before the cessation and not to any other period; and

                      (f)  those deductions were taken not to be full year deductions under section 165-55 of that Act; and

                     (g)  the application of Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 were modified, for the purposes of that Subdivision, in accordance with section 24AX of this Act.



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