Income Tax Assessment Act 1936
PART III - LIABILITY TO TAXATION Division 1AB - Certain State/Territory bodies exempt from income tax
Subdivision A - Exemption for certain State/Territory bodies SECTION 24AK 24AK KEY PRINCIPLE
A body that is a State/Territory body (an STB ) is exempt from income tax under this Division unless it is an excluded STB. There are 5 different ways in which a body can be an STB.