Company tax

Tax rates 2001–02

The following rates of tax apply to companies for the 2001–02 income year.

Companies

2001–02 tax rates – Companies (see note 1)
Income category	Rate (%)
Taxable income	30

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

Private companies

2001–02 tax rates – Private companies
Income category	Rate (%)
Taxable income	30

Registered organisations (including friendly societies)

2001–02 tax rates – Registered organisation (including friendly societies)
Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation class of taxable income	15

Life insurance companies

2001–02 tax rates – Life insurance companies
Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation class of taxable income	15

RSA providers

2001–02 tax rates – RSA providers
Income category	Rate (%)
RSA component of the general fund component	15
Standard component of the general fund component	30

Pooled development funds

2001–02 tax rates – Pooled development funds (PDFs) (see note 2)
Income category	Rate (%)
Small and medium sized enterprises income component	15
Unregulated investment component	25
Other	30

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

Credit unions

2001–02 tax rates – Credit unions (see note 3)
Income category	Rate (%)
Small credit unions – under $50,000	30
Medium credit unions – $50,000 to $149,999	45
Large credit unions – $150,000 and over	30

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

2001–02 tax rates – Not-for-profit companies (see note 4)
Income category	Rate (%)
Taxable income: $0–$416	Nil
Taxable income: $417–$915	55
Taxable income: $916 and above	30

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.

Early balancing friendly societies

Substituted accounting period: The changes to the company tax rate took effect from 1 July 2001. This had implications for companies with a substituted accounting period.

Rates for early balancing friendly societies in the 2001–02 income year
Class of taxable income	Rate (%) for period from start of 2001–02 until 30 June 2001 income year	Rate (%) for period from 1 July 2001 until end of 2001–02 income year
Complying superannuation	15	15
Ordinary	33	30

Early balancing life insurance companies

Substituted accounting period: The changes to the company tax rate took effect from 1 July 2001. This had implications for companies with a substituted accounting period.

Rates for early balancing life insurance companies in the 2001–02 income year
Class of taxable income	Rate (%) for period from start of 2001–02 until 30 June 2001 income year	Rate (%) for period from 1 July 2001 until end of 2001–02 income year
Complying superannuation	15	15
Ordinary	34	30

Last modified: 01 Jun 2022QC 17534