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:
- 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 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 of 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 of their taxable income.
Last modified: 01 Jun 2022QC 17534