INCOME TAX RATES ACT 1986
[ CCH Note: Part III heading will be amended by No 36 of 2019, s 3 and Sch 1 item 2, by substituting " , certain other trusts and sovereign entities " for " and certain other trusts " , effective 1 July 2019.]
An entity is a base rate entity for a year of income if:
(a) no more than 80% of its assessable income for the year of income is base rate entity passive income; and
(b) its aggregated turnover (within the meaning of the Income Tax Assessment Act 1997 ) for the year of income, worked out as at the end of that year, is less than $25 million.