Tax rates 2021–22
The following rates of tax apply to companies for the 2021–22 income year.
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Companies
2021–22 tax rates – Companies (see note 1)
Income category
|
Rate (%)
|
Base rate entities
|
25
|
Otherwise
|
30
|
Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.
Life insurance companies
2021–22 tax rates – Life insurance companies
Income category
|
Rate (%)
|
Ordinary class of taxable income
|
30
|
Complying superannuation class of taxable income
|
15
|
Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider
|
32
|
RSA providers other than life insurance providers
2021–22 tax rates – RSA providers other than life insurance providers
Income category
|
Rate (%)
|
RSA component of taxable income
|
15
|
Additional tax on no-TFN contributions income
|
32
|
Standard component of taxable income:
- Base rate entity
- Otherwise
|
25
30
|
Pooled development funds
2021–22 tax rates – Pooled development funds (PDFs) (see note 2)
Income category
|
Rate (%)
|
Small and medium sized enterprises income component
|
15
|
Unregulated investment component
|
25
|
The amount that exceeds the PDF component:
- Base rate entity
- Otherwise
|
25
30
|
Note 2: For tax rates 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.
Credit unions
2021–22 tax rates – Credit unions (see note 3)
Income category
|
Rate (%)
|
Small credit unions – under $50,000: Base rate entities
|
25
|
Small credit unions – under $50,000: Otherwise
|
30
|
Medium credit unions – $50,000 to $149,999: Base rate entities
|
37.5
|
Medium credit unions – $50,000 to $149,999: Otherwise
|
45
|
Large credit unions – $150,000 and over: Base rate entities
|
25
|
Large credit unions – $150,000 and over: Otherwise
|
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 both:
- 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 their taxable income. A credit union's notional taxable income is defined in subsection 6H(5) of ITAA 1936.
Not-for-profit companies
2021–22 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 their taxable income.
Not-for-profit companies that are base rate entities
2021–22 tax rates – Not-for-profit companies that are base rate entities (see note 5)
Income category
|
Rate (%)
|
Taxable income: $0–$416
|
Nil
|
Taxable income: $417–$762
|
55
|
Taxable income: $763 and above
|
25
|
Note 5: For the 2021–22 income year, not-for-profit companies that are base rate entities with a taxable income of between $417 and $762 are taxed on their taxable income above $416.
Last modified: 05 Jun 2023QC 17534