INCOME TAX RATES ACT 1986 - SECT 29 Rate of tax on no - TFN contributions income

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 applicable to the year of income in Part   I of Schedule   7 to this Act that applies for the year of income;

  (b)   next, add 2%;

  (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).