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  • 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

    Last modified: 05 Jun 2023QC 17534