Table: Non-profit company income tax rates
Taxable income
|
Rates of tax
|
0 - $416
|
Nil
|
$417 - $915
|
55% for every $1 over $416
|
$916 and above
|
30% for every $1
Note: If the taxable income is $916 or more, the whole amount is taxable.
|
Non-profit companies
For non-profit companies, the income tax payable depends on the level of taxable income.
If the taxable income is $416 or less for a year, no tax is payable.
Example
A non-profit company has taxable income of $416.84 in 2008-09.
The income tax is nil.
It is calculated as $416 × nil.
If a non-profit company has a taxable income between $417 and $915 inclusive, the amount in excess of $416 is taxed at 55%.
Example
A non-profit company has taxable income of $903.48 in 2008-09.
The income tax is $267.85.
It is calculated as ($903 − $416) × 0.55.
If the taxable income is more than $915, the ordinary company tax rate is applied to all the taxable income at 30%.
Example
A non-profit company has taxable income of $2,182.92 in 2008-09.
The income tax is $654.60.
It is calculated as $2,182 × 0.30.
Other taxable companies
Other taxable companies are taxable from the first dollar. That is, they are taxable on all levels of taxable income and there is no threshold. The rate of tax is 30%.
Example
An 'other taxable company' has taxable income of $1,109.43 in 2008-09.
The income tax is $332.70.
It is calculated as $1,109 × 0.30.
Sections within Lodgment rules and tax rates
Last Modified: Wednesday, 30 June 2010