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:
- the credit union is an approved credit union, and
- the interest is paid to the credit union by its non-company members in respect of loans it made to those members.
Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.
Credit unions with a notional taxable income of $150,000 or more are taxed on all of their taxable income.
A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.
Not-for-profit companies
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 of their taxable income.
Last modified: 05 Aug 2021QC 17534