Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 24AY

Losses from STB years not carried forward

             (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.



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