INCOME TAX RATES ACT 1986

PART III - RATES OF INCOME TAX PAYABLE UPON INCOMES OF COMPANIES, PRESCRIBED UNIT TRUSTS, SUPERANNUATION FUNDS AND CERTAIN OTHER TRUSTS  

SECTION 23AA   23AA   MEANING OF BASE RATE ENTITY  


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.




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