Section 24AW — Income Tax Assessment Act 1936: Body ceasing to be an STB

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.