Tax rates 2011–12 to 2020–21
Company tax rates for the 2011–12 to 2020–21 income years.
On this page
Tax rates 2020–21
The following rates of tax apply to companies for the 2020–21 income year.
Companies
2020–21 tax rates – Companies (see note 1)
Income category
|
Rate (%)
|
Base rate entities
|
26
|
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
2020–21 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
2020–21 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
|
26
30
|
Pooled development funds
2020–21 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
|
26
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
2020–21 tax rates – Credit unions (see note 3)
Income category
|
Rate (%)
|
Small credit unions – under $50,000: Base rate entities
|
26
|
Small credit unions – under $50,000: Otherwise
|
30
|
Medium credit unions – $50,000 to $149,999: Base rate entities
|
39
|
Medium credit unions – $50,000 to $149,999: Otherwise
|
45
|
Large credit unions – $150,000 and over: Base rate entities
|
26
|
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
2020–21 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
2020–21 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–$788
|
55
|
Taxable income: $789 and above
|
26
|
Note 5: For the 2020–21 income year, not-for-profit companies that are base rate entities with a taxable income of between $417 and $788 are taxed on their taxable income above $416.
If their taxable income is above $788, they will be taxed on all their taxable income.
Tax rates 2019–20
The following rates of tax apply to companies for the 2019–20 income year.
Companies
2019–20 tax rates – Companies (see note 1)
Income category
|
Rate (%)
|
Base rate entities
|
27.5
|
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
2019–20 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
2019–20 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
|
27.5
30
|
Pooled development funds
2019–20 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
|
27.5
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
2019–20 tax rates – Credit unions (see note 3)
Income category
|
Rate (%)
|
Small credit unions – under $50,000: Base rate entities
|
27.5
|
Small credit unions – under $50,000: Otherwise
|
30
|
Medium credit unions – $50,000 to $149,999: Base rate entities
|
41.25
|
Medium credit unions – $50,000 to $149,999: Otherwise
|
45
|
Large credit unions – $150,000 and over: Base rate entities
|
27.5
|
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
2019–20 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
2019–20 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–$831
|
55
|
Taxable income: $832 and above
|
27.5
|
Note 5: For the 2019–20 income year, not-for-profit companies that are base rate entities with a taxable income of between $417 and $831 are taxed on their taxable income above $416.
If their taxable income is above $831, they will be taxed on all their taxable income.
Tax rates 2018–19
The following rates of tax apply to companies for the 2018–19 income year.
Companies
2018–19 tax rates – Companies (see note 1)
Income category
|
Rate (%)
|
Base rate entities
|
27.5
|
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
2018–19 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
2018–19 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
|
27.5
30
|
Pooled development funds
2018–19 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
|
27.5
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
2018–19 tax rates – Credit unions (see note 3)
Income category
|
Rate (%)
|
Small credit unions – under $50,000: Base rate entities
|
27.5
|
Small credit unions – under $50,000: Otherwise
|
30
|
Medium credit unions – $50,000 to $149,999: Base rate entities
|
41.25
|
Medium credit unions – $50,000 to $149,999: Otherwise
|
45
|
Large credit unions – $150,000 and over: Base rate entities
|
27.5
|
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
2018–19 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
2018–19 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–$831
|
55
|
Taxable income: $832 and above
|
27.5
|
Note 5: For the 2018–19 income year, not-for-profit companies that are base rate entities with a taxable income of between $417 and $831 are taxed on their taxable income above $416.
If their taxable income is above $831, they will be taxed on all their taxable income.
Tax rates 2017–18
The following rates of tax apply to companies for the 2017–18 income year.
Companies
2017–18 tax rates – Companies (see note 1)
Income category
|
Rate (%)
|
Base rate entities
|
27.5
|
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
2017–18 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
2017–18 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
|
27.5
30
|
Pooled development funds
2017–18 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
|
27.5
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
2017–18 tax rates – Credit unions (see note 3)
Income category
|
Rate (%)
|
Small credit unions – under $50,000: Base rate entities
|
27.5
|
Small credit unions – under $50,000: Otherwise
|
30
|
Medium credit unions – $50,000 to $149,999: Base rate entities
|
41.25
|
Medium credit unions – $50,000 to $149,999: Otherwise
|
45
|
Large credit unions – $150,000 and over: Base rate entities
|
27.5
|
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
2017–18 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
2017–18 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–$831
|
55
|
Taxable income: $832 and above
|
27.5
|
Note 5: From the 2017–18 income year, not-for-profit companies that are base rate entities with a taxable income of between $417 and $831 are taxed on their taxable income above $416.
If their taxable income is above $831, they will be taxed on all their taxable income.
Tax rates 2016–17
The following rates of tax apply to companies for the 2016–17 income year.
Companies
Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.
Life insurance companies
2016–17 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
|
34
|
RSA providers other than life insurance providers
2016–17 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
|
34
|
Standard component of taxable income
|
Rate applicable to institution
|
Pooled development funds
2016–17 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: 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
2016–17 tax rates – Credit unions (see note 3)
Income category
|
Rate (%)
|
Small credit unions – under $50,000: Small business entities
|
27.5
|
Small credit unions – under $50,000: Otherwise
|
30
|
Medium credit unions – $50,000 to $149,999: Small business entities
|
41.25
|
Medium credit unions – $50,000 to $149,999: Otherwise
|
45
|
Large credit unions – $150,000 and over: Small business entities
|
27.5
|
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
2016–17 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 small business entities
2016–17 tax rates – Not-for-profit companies that are small business entities (see note 5)
Income category
|
Rate (%)
|
Taxable income: $0–$416
|
Nil
|
Taxable income: $417–$831
|
55
|
Taxable income: $832 and above
|
27.5
|
Note 5: For income years beginning on or after 1 July 2015, not-for-profit companies that are small business entities with a taxable income of between $417 and $831 are taxed on their taxable income above $416.
If their taxable income is above $831, they will be taxed on all their taxable income.
Tax rates 2015–16
The following rates of tax apply to companies for the 2015–16 income year.
Companies
Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.
Life insurance companies
2015–16 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
|
34
|
RSA providers other than life insurance providers
2015–16 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
|
34
|
Standard component of taxable income
|
Rate applicable to institution
|
Pooled development funds
2015–16 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: 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 2016.
Credit unions
2015–16 tax rates – Credit unions (see note 3)
Income category
|
Rate (%)
|
Small credit unions – under $50,000: Small business entities
|
28.5
|
Small credit unions – under $50,000: Otherwise
|
30
|
Medium credit unions – $50,000 to $149,999: Small business entities
|
42.75
|
Medium credit unions – $50,000 to $149,999: Otherwise
|
45
|
Large credit unions – $150,000 and over: Small business entities
|
28.5
|
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
2015–16 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 small business entities
2015–16 tax rates – Not-for-profit companies that are small business entities (see note 5)
Income category
|
Rate (%)
|
Taxable income: $0–$416
|
Nil
|
Taxable income: $417–$831
|
55
|
Taxable income: $832 and above
|
28.5
|
Note 5: For income years beginning on or after 1 July 2015, not-for-profit companies that are small business entities with a taxable income of between $417 and $863 are taxed on their taxable income above $416. If their taxable income is above $863, they will be taxed on all their taxable income.
Tax rates 2014–15
The following rates of tax apply to companies for the 2014–15 income year.
Companies
2014–15 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.
Life insurance companies
2014–15 tax rates – Life insurance companies
Income category
|
Rate (%)
|
Ordinary class of taxable income
|
30
|
Complying superannuation and first home saver account (FHSA) class of taxable income
|
15
|
Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider
|
34
|
RSA providers other than life insurance providers
2014–15 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
|
34
|
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
2014–15 tax rates – FHSA providers that are ADIs other than RSA providers
Income category
|
Rate (%)
|
FHSA component of taxable income
|
15
|
Standard component of taxable income
|
Rate applicable to institution
|
Trustee of FHSA trusts
2014–15 tax rates – Trustee of FHSA trusts
Income category
|
Rate (%)
|
Taxable income
|
15
|
Pooled development funds
2014–15 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 either starts or ceases to be a PDF during the income year – refer to Appendix 4 of the Company tax return instructions 2015.
Credit unions
2014–15 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 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 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
2014–15 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.
Tax rates 2013–14
The following rates of tax apply to companies for the 2013–14 income year.
Companies
2013–14 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.
Life insurance companies
2013–14 tax rates – Life insurance companies
Income category
|
Rate (%)
|
Ordinary class of taxable income
|
30
|
Complying superannuation and first home saver account (FHSA) class of taxable income
|
15
|
Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider
|
31.5
|
RSA providers other than life insurance providers
2013–14 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
|
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
2013–14 tax rates – FHSA providers that are ADIs other than RSA providers
Income category
|
Rate (%)
|
FHSA component of taxable income
|
15
|
Standard component of taxable income
|
Rate applicable to institution
|
Trustee of FHSA trusts
2013–14 tax rates – Trustee of FHSA trusts
Income category
|
Rate (%)
|
Taxable income
|
15
|
Pooled development funds
2013–14 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 either starts or ceases to be a PDF during the income year – refer to Appendix 4 of the Company tax return instructions 2014.
Credit unions
2013–14 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 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 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
2013–14 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.
Tax rates 2012–13
The following rates of tax apply to companies for the 2012–13 income year.
Companies
2012–13 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.
Life insurance companies
2012–13 tax rates – Life insurance companies
Income category
|
Rate (%)
|
Ordinary class of taxable income
|
30
|
Complying superannuation and first home saver account (FHSA) class of taxable income
|
15
|
Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider
|
31.5
|
RSA providers other than life insurance providers
2012–13 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
|
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
2012–13 tax rates – FHSA providers that are ADIs other than RSA providers
Income category
|
Rate (%)
|
FHSA component of taxable income
|
15
|
Standard component of taxable income
|
Rate applicable to institution
|
Trustee of FHSA trusts
2012–13 tax rates – Trustee of FHSA trusts
Income category
|
Rate (%)
|
Taxable income
|
15
|
Pooled development funds
2012–13 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 either starts or ceases to be a PDF during the income year – refer to Appendix 4 of the Company tax return instructions 2013.
Credit unions
2012–13 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 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 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
2012–13 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.
Tax rates 2011–12
The following rates of tax apply to companies for the 2011–12 income year.
Companies
2011–12 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.
Life insurance companies
2011–12 tax rates – Life insurance companies
Income category
|
Rate (%)
|
Ordinary class of taxable income
|
30
|
Complying superannuation and first home saver account (FHSA) class of taxable income
|
15
|
Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider
|
31.5
|
RSA providers other than life insurance providers
2011–12 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
|
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
2011–12 tax rates – FHSA providers that are ADIs other than RSA providers
Income category
|
Rate (%)
|
FHSA component of taxable income
|
15
|
Standard component of taxable income
|
Rate applicable to institution
|
Trustee of FHSA trusts
2011–12 tax rates – Trustee of FHSA trusts
Income category
|
Rate (%)
|
Taxable income
|
15
|
Pooled development funds
2011–12 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 either starts or ceases to be a PDF during the income year – refer to Appendix 4 of the Company tax return instructions 2012.
Credit unions
2011–12 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 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 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
2011–12 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.
Last modified: 05 Jun 2023QC 17534