3DState/Territory bodies

3D State/Territory bodies

First way in which a body can be a State/Territory body (1) A body is a State/Territory body if: (a) it is a company limited solely by shares; and (b) all the shares in it are beneficially owned by one or more government entities.

Note. For the definition of government entity see subsection (6). Note that an excluded STB is not a government entity.

Second way in which a body can be a State/Territory body (2) A body is a State/Territory body if: (a) it is established by State or Territory legislation; and (b) it is not a company solely limited by shares; and (c) the legislation provides that it must distribute all of its profits (if any) only to one or more government entities; and (d) if the legislation makes provision as to the way its net assets may be distributed if it is dissolved or wound up—the provision is that, if it is dissolved, all of its net assets (if any) must be distributed only to one or more government entities. Third way in which a body can be a State/Territory body (3) A body is a State/Territory body if: (a) it is established by State or Territory legislation; and (b) it is not a company solely limited by shares; and (c) the legislation gives the power to appoint or dismiss its governing person or body only to one or more government entities. Fourth way in which a body can be a State/Territory body (4) A body is a State/Territory body if: (a) it is established by State or Territory legislation; and (b) it is not a company solely limited by shares; and (c) the legislation gives the power to direct its governing person or body as to the conduct of its affairs only to one or more government entities. Fifth way in which a body can be a State/Territory body (5) A body is a State/Territory body if: (a) it is not a company solely limited by shares; and (b) it is not established by State or Territory legislation; and (c) all the legal and beneficial interests (including, but not limited to, interests as to income, profits, dividends, capital and distributions of capital) in it are held only by one or more government entities; and (d) all the rights or powers (if any) to vote, appoint or dismiss its governing person or body and direct its governing person or body as to the conduct of its affairs are held only by one or more government entities. What do excluded STB, government entity and Territory mean? (6) In this section:

excluded STB means a State/Territory body that:

(a) at a particular time, is prescribed as an excluded State/Territory body in relation to that time; or
(b) is a municipal corporation or other local governing body (within the meaning of paragraph 23(d) of the Income Tax Assessment Act 1936); or
(c) is a public educational institution (within the meaning of paragraph 23(e) of that Act); or
(d) is a public hospital (within the meaning of paragraph 23(ea) of that Act).