Income Tax Assessment Act 1936
PART III
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LIABILITY TO TAXATION
Division 1AB
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Certain State/Territory bodies exempt from income tax
A body is an STB if:
(a) it is a company limited solely by shares; and
(b) all the shares in it are beneficially owned by one or more government entities.
Subdivision A
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Exemption for certain State/Territory bodies
SECTION 24AO
24AO
FIRST WAY IN WHICH A BODY CAN BE AN STB
A body is an STB if:
(a) it is a company limited solely by shares; and
(b) all the shares in it are beneficially owned by one or more government entities.
Note:
For the definition of government entity see section 24AT . Note that an excluded STB is not a government entity.
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