Section 24AP — Income Tax Assessment Act 1936: 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.