Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 1AB - Certain State/Territory bodies exempt from income tax  

Subdivision B - Body ceasing to be an STB  

SECTION 24AY   LOSSES FROM STB YEARS NOT CARRIED FORWARD  

24AY(1)   [Prior tax losses not deductible]  

If a body is an STB on the last day of a year of income in which it incurs a tax loss, the tax loss is not allowable as a deduction from the body's assessable income of a later year of income unless the body is an STB on the first day of that later year of income.

Note:

This section prevents losses from years prior to the cessation year from being carried forward to years after the cessation year.

24AY(2)   [Application to income years]  

This section only applies to a tax loss incurred in the 1995-96 year of income or a later year of income.