Commonwealth Consolidated Acts

INCOME TAX RATES ACT 1986 - SECT 23

          (1A)  This section has effect subject to section 23A.

             (1)  The rates of tax payable by a company, other than a company in the capacity of a trustee, are as set out in the following provisions of this section.

             (2)  The rate of tax in respect of the taxable income of a company not being:

                     (a)  a life insurance company; or

                     (b)  an RSA provider; or

                    (ba)  an FHSA provider; or

                     (c)  a company to which subsection (4) or (5) applies;

is 30%.

             (3)  The rates of tax in respect of the taxable income of a company (other than a life insurance company) that is an RSA provider are:

                     (a)  in respect of the RSA component--15%; and

                    (aa)  in respect of the FHSA component (if any)--15%; and

                     (b)  in respect of the standard component--30%.

          (3A)  The rates of tax in respect of the taxable income of a company that is an ADI and an FHSA provider (but not an RSA provider) are:

                     (a)  in respect of the FHSA component--15%; and

                     (b)  in respect of the standard component--30%.

             (4)  The rates of tax in respect of the taxable income of a company that becomes a PDF during a year of income and is still a PDF at the end of the year of income are:

                     (a)  in respect of the SME income component--15%; and

                     (b)  in respect of the unregulated investment component--25%; and

                     (c)  in respect of so much of the taxable income as exceeds the PDF component--30%.

             (5)  The rates of tax in respect of the taxable income of a company that is a PDF throughout the year of income are:

                     (a)  in respect of the SME income component--15%; and

                     (b)  in respect of the unregulated investment component--25%.

             (6)  Where the taxable income of a non‑profit company does not exceed $915, the amount of tax payable by the company shall not exceed 55% of the amount by which the taxable income exceeds $416 less any rebate, credit or other tax offset (as defined in the Income Tax Assessment Act 1997 ) to which the company is entitled.

             (7)  The amount of tax payable by a company that is a recognised medium credit union in relation to a year of income must not exceed 45% of the amount by which the taxable income exceeds $49,999 less any rebate, credit or other tax offset (as defined in the Income Tax Assessment Act 1997 ) to which the company is entitled.