Commonwealth Consolidated Acts

INCOME TAX RATES ACT 1986 - SECT 29

             (1)  This section sets the rate of tax payable:

                     (a)  by a trustee of a complying superannuation fund in respect of the no‑TFN contributions income of the fund; and

                     (b)  by a trustee of a non‑complying superannuation fund in respect of the no‑TFN contributions income of the fund; and

                     (c)  by a company that is an RSA provider in respect of no‑TFN contributions income.

             (2)  The rate of tax is worked out in the following way:

                     (a)  first, work out the maximum rate specified in column 3 of the table in Part I of Schedule 7 to this Act that applies for the year of income;

                     (b)  next, add 1.5%;

                     (c)  next, subtract the rate of tax:

                              (i)  for a trustee of a complying superannuation fund--set out in paragraph 26(1)(a); or

                             (ii)  for a trustee of a non‑complying superannuation fund--set out in subsection 26(2); or

                            (iii)  for a company (other than a life insurance company) that is an RSA provider--set out in paragraph 23(3)(a); or

                            (iv)  for a life insurance company that is an RSA provider--set out in paragraph 23A(b).