Income Tax Assessment Act 1936
If a body ceases to be an STB in a year of income (the cessation year ), this Act applies to the body as if:
(a) the cessation were a change which requires a company to calculate its taxable income and tax loss under Subdivision 165-B of the Income Tax Assessment Act 1997; and
(b) the references in that Subdivision to ``company'' were references to ``body''; and
(c) if the body is not a company - there were no further requirement for the body to calculate its taxable income for the year of income under that Subdivision; and
(d) the amount of any notional loss of the body calculated under section 165-50 of that Act for the period before the cessation were nil; and
(e) the body's deductions for tax losses were attributed under section 165-55 of that Act to the period before the cessation and not to any other period; and
(f) those deductions were taken not to be full year deductions under section 165-55 of that Act; and
(g) the application of Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 were modified, for the purposes of that Subdivision, in accordance with section 24AX of this Act.
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