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  • Company tax

    Tax rates 2014–15

    The following rates of tax apply to companies for the 2014-15 income year.

    Companies

    Rate %

    This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts

    30

    Life insurance companies

    Ordinary class of taxable income

    30

    Complying super and first home saver account (FHSA) class of taxable income

    Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider

    15


    31.5

    RSA providers other than life insurance companies

    RSA component of taxable income

    Additional tax on no-TFN contributions income

    15

    31.5

    FHSA component (if any) of taxable income

    15

    Standard component of taxable income

    Rate applicable to institution

    FHSA providers that are authorised deposit-taking institutions (ADIs) other than RSA providers

    FHSA component of taxable income

    15

    Standard component of taxable income

    Rate applicable to institution

    Trustees of FHSA trusts

    Taxable income

    15

    Pooled development funds (PDFs)

    Special tax rates apply where a company either starts or ceases to be a PDF during the income year – refer to Appendix 4 of the Company tax return instructions2015 

    Small and medium sized enterprises income component

    15

    Unregulated investment component

    25

    Other

    30

    Credit unions

    Small credit unions – under $50,000

    30

    Medium credit unions – $50,000 to $149,999

    45

    Large credit unions – $150,000 and over

    30

    Small credit unions are taxed on all their taxable income, but note the treatment of mutual interest.

    Interest derived by small credit unions is exempt from tax if all of the following apply:

    • the credit union is an approved credit union
    • the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

    Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

    Credit unions with a notional taxable income of $150,000 or more are taxed on all of their taxable income.

    A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

    Non-profit companies

    Non-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416.

    Non-profit companies with a taxable income above $915 are taxed on all of their taxable income.

    Taxable income

    $0–$416

    $417–$915

    $916 and above

    Nil

    55

    30

    Tax rates 2013–14

    The following rates of tax apply to companies for the 2013-14 income year.

    Companies

    Rate %

    This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts

    30

    Life insurance companies

    Ordinary class of taxable income

    30

    Complying super and first home saver account (FHSA) class of taxable income

    Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider

    15

     
    31.5

    RSA providers other than life insurance companies

    RSA component of taxable income

    Additional tax on no-TFN contributions income

    15

    31.5

    FHSA component (if any) of taxable income

    15

    Standard component of taxable income

    Rate applicable to institution

    FHSA providers that are authorised deposit-taking institutions (ADIs) other than RSA providers

    FHSA component of taxable income

    15

    Standard component of taxable income

    Rate applicable to institution

    Trustees of FHSA trusts

    Taxable income

    15

    Pooled development funds (PDFs)

    Special tax rates apply where a company either starts or ceases to be a PDF during the income year – refer to Appendix 4 of the Company tax return instructions 2014 

    Small and medium sized enterprises income component

    15

    Unregulated investment component

    25

    Other

    30

    Credit unions

    Small credit unions – under $50,000

    30

    Medium credit unions – $50,000 to $149,999

    45

    Large credit unions – $150,000 and over

    30

    Small credit unions are taxed on all their taxable income, but note the treatment of mutual interest.

    Interest derived by small credit unions is exempt from tax if all of the following apply:

    • the credit union is an approved credit union
    • the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

    Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

    Credit unions with a notional taxable income of $150,000 or more are taxed on all of their taxable income.

    A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

    Non-profit companies

    Non-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416.

    Non-profit companies with a taxable income above $915 are taxed on all of their taxable income.

    Taxable income

    $0–$416

    $417–$915

    $916 and above

    Nil

    55

    30

    Tax rates 2012–13

    The following rates of tax apply to companies for the 2012-13 income year.

    Companies

    Rate %

    This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts

    30

    Life insurance companies

    Ordinary class of taxable income

    30

    Complying super and first home saver account (FHSA) class of taxable income

    Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider

    15

     
    31.5

    RSA providers other than life insurance companies

    RSA component of taxable income

    Additional tax on no-TFN contributions income

    15

    31.5

    FHSA component (if any) of taxable income

    15

    Standard component of taxable income

    Rate applicable to institution

    FHSA providers that are authorised deposit-taking institutions (ADIs) other than RSA providers

    FHSA component of taxable income

    15

    Standard component of taxable income

    Rate applicable to institution

    Trustees of FHSA trusts

    Taxable income

    15

    Pooled development funds (PDFs)

    Special tax rates apply where a company either starts or ceases to be a PDF during the income year – refer to Appendix 4 of the Company tax return instructions 2013 

    Small and medium sized enterprises income component

    15

    Unregulated investment component

    25

    Other

    30

    Credit unions

    Small credit unions – under $50,000

    30

    Medium credit unions – $50,000 to $149,999

    45

    Large credit unions – $150,000 and over

    30

    Small credit unions are taxed on all their taxable income, but note the treatment of mutual interest.

    Interest derived by small credit unions is exempt from tax if all of the following apply:

    • the credit union is an approved credit union
    • the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

    Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

    Credit unions with a notional taxable income of $150,000 or more are taxed on all of their taxable income.

    A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

    Non-profit companies

    Non-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416.

    Non-profit companies with a taxable income above $915 are taxed on all of their taxable income.

    Taxable income

    $0–$416

    $417–$915

    $916 and above

    Nil

    55

    30

    Last modified: 11 Sep 2014QC 17534