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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