Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) 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.
(2) This section only applies to a tax loss incurred in the 1995 - 96 year of income or a later year of income.