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 24AP   24AP   SECOND WAY IN WHICH A BODY CAN BE AN STB  

A body is an STB if:

(a) it is established by State or Territory legislation; and

(b) it is not a company limited solely by shares; and

(c) the legislation provides that it must distribute all of its profits (if any) only to one or more government entities; and

(d) if the legislation makes provision as to the way its net assets may be distributed if it is dissolved or wound up - the provision is that, if it is dissolved, all of its net assets (if any) must be distributed only to one or more government entities.