INCOME TAX RATES ACT 1986 - SECT 23AA Meaning of base rate entity

INCOME TAX RATES ACT 1986 - SECT 23AA

    An entity is a base rate entity for a year of income if:

  (a)   no more than 80% of its assessable income for the year of income is base rate entity passive income; and

  (b)   its aggregated turnover (within the meaning of the Income Tax Assessment Act 1997 ) for the year of income, worked out as at the end of that year, is less than $50 million.