Tax rates 2003–04

The following rates of tax apply to companies for the 2003–04 income year.

Companies

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Private companies

Life insurance companies

RSA providers other than life insurance providers

Pooled development funds

Note 2: Special tax rates apply where a company either starts or ceases to be a PDF during the income year.

Credit unions

Note 3: 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:

• the credit union is an approved credit union, and
• 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.

Not-for-profit companies

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all of their taxable income.