Document ID: chunk:federal_register_of_legislation:C2025C00014:section:24ay
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 24AY
Character Range: 167956–168522

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.