Tax rates 2001–2002 to 2010–11
Company tax rates for the 2001-02 to 2010-11 income years.
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Tax rates 2010–11
The following rates of tax apply to companies for the 2010–11 income year.
Companies
2010–11 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
2010–11 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
2010–11 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
2010–11 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
2010–11 tax rates – Trustee of FHSA trusts
Income category
|
Rate (%)
|
Taxable income
|
15
|
Pooled development funds
2010–11 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 2011.
Credit unions
2010–11 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
2010–11 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 2009–10
The following rates of tax apply to companies for the 2009–10 income year.
Companies
2009–10 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
2009–10 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
2009–10 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
2009–10 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
2009–10 tax rates – Trustee of FHSA trusts
Income category
|
Rate (%)
|
Taxable income
|
15
|
Pooled development funds
2009–10 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.
Credit unions
2009–10 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
2009–10 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 2008–09
The following rates of tax apply to companies for the 2008–09 income year.
Companies
2008–09 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
2008–09 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
2008–09 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
2008–09 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
2008–09 tax rates – Trustee of FHSA trusts
Income category
|
Rate (%)
|
Taxable income
|
15
|
Pooled development funds
2008–09 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.
Credit unions
2008–09 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
2008–09 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 2007–08
The following rates of tax apply to companies for the 2007–08 income year.
Companies
2007–08 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
2007–08 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
2007–08 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
|
Standard component of taxable income
|
Rate applicable to institution
|
Pooled development funds
2007–08 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.
Credit unions
2007–08 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
2007–08 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 2006–07
The following rates of tax apply to companies for the 2006–07 income year.
Companies
2006–07 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
2006–07 tax rates – Private companies
Income category
|
Rate (%)
|
Taxable income
|
30
|
Life insurance companies
2006–07 tax rates – Life insurance companies
Income category
|
Rate (%)
|
Ordinary class of taxable income
|
30
|
Complying superannuation class of taxable income
|
15
|
RSA providers other than life insurance providers
2006–07 tax rates – RSA providers other than life insurance providers
Income category
|
Rate (%)
|
RSA component of taxable income
|
15
|
Standard component of taxable income
|
Rate applicable to institution
|
Pooled development funds
2006–07 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.
Credit unions
2006–07 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
2006–07 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 2005–06
The following rates of tax apply to companies for the 2005–06 income year.
Companies
2005–06 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
2005–06 tax rates – Private companies
Income category
|
Rate (%)
|
Taxable income
|
30
|
Life insurance companies
2005–06 tax rates – Life insurance companies
Income category
|
Rate (%)
|
Ordinary class of taxable income
|
30
|
Complying superannuation class of taxable income
|
15
|
RSA providers other than life insurance providers
2005–06 tax rates – RSA providers other than life insurance providers
Income category
|
Rate (%)
|
RSA component of taxable income
|
15
|
Standard component of taxable income
|
Rate applicable to institution
|
Pooled development funds
2005–06 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.
Credit unions
2005–06 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
2005–06 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 2004–05
The following rates of tax apply to companies for the 2004–05 income year.
Companies
2004–05 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
2004–05 tax rates – Private companies
Income category
|
Rate (%)
|
Taxable income
|
30
|
Life insurance companies
2004–05 tax rates – Life insurance companies
Income category
|
Rate (%)
|
Ordinary class of taxable income
|
30
|
Complying superannuation class of taxable income
|
15
|
RSA providers other than life insurance providers
2004–05 tax rates – RSA providers other than life insurance providers
Income category
|
Rate (%)
|
RSA component of taxable income
|
15
|
Standard component of taxable income
|
Rate applicable to institution
|
Pooled development funds
2004–05 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.
Credit unions
2004–05 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
2004–05 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 2003–04
The following rates of tax apply to companies for the 2003–04 income year.
Companies
2003–04 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
2003–04 tax rates – Private companies
Income category
|
Rate (%)
|
Taxable income
|
30
|
Life insurance companies
2003–04 tax rates – Life insurance companies
Income category
|
Rate (%)
|
Ordinary class of taxable income
|
30
|
Complying superannuation class of taxable income (including RSA component)
|
15
|
RSA providers other than life insurance providers
2003–04 tax rates – RSA providers other than life insurance providers
Income category
|
Rate (%)
|
RSA component of taxable income
|
15
|
Standard component of taxable income
|
Rate applicable to institution
|
Pooled development funds
2003–04 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.
Credit unions
2003–04 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
2003–04 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 2002–03
The following rates of tax apply to companies for the 2002–03 income year.
Companies
2002–03 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
2002–03 tax rates – Private companies
Income category
|
Rate (%)
|
Taxable income
|
30
|
Life insurance companies
2002–03 tax rates – Life insurance companies
Income category
|
Rate (%)
|
Ordinary class of taxable income
|
30
|
Complying superannuation class of taxable income (including RSA component)
|
15
|
RSA providers other than life insurance providers
2002–03 tax rates – RSA providers other than life insurance providers
Income category
|
Rate (%)
|
RSA component of taxable income
|
15
|
Standard component of taxable income
|
Rate applicable to institution
|
Pooled development funds
2002–03 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.
Credit unions
2002–03 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
2002–03 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.
Early balancing life insurance companies
Rates for early balancing life insurance companies in the 2002–03 income year
Income category
|
Rate (%) for period from start of 2002–03 until 30 June 2002 income year
|
Rate (%) for period from 1 July 2002 until end of 2002–03 income year
|
|
Complying superannuation
|
15
|
15
|
|
Ordinary
|
30
|
30
|
|
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 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
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 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
|
Find out company tax rates from 2001-02 to 2022-23.Last modified: 05 Jun 2023QC 17534