Document ID: chunk:federal_register_of_legislation:C2004C01244:clause:1_14
Version: federal_register_of_legislation:C2004C01244
Segment Type: clause
Provision Reference: sch 1 cl 14
Character Range: 7927–9089

14  Section 24AW
Repeal the section, substitute:

 24AW  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 Part IIIA of this Act were modified, for the purposes of that Subdivision, in accordance with section 24AX of this Act.