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 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.
Subdivision A
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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.
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