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 24AS  

24AS   FIFTH WAY IN WHICH A BODY CAN BE AN STB  

A body is an STB if:

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

(b) it is not established by State or Territory legislation; and

(c) all the legal and beneficial interests (including, but not limited to, interests as to income, profits, dividends, capital and distributions of capital) in it are held only by one or more government entities; and

(d) all the rights or powers (if any) to vote, appoint or dismiss its governing person or body and direct its governing person or body as to the conduct of its affairs are held only by one or more government entities.