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 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.