Pt III heading 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.

S 23AA amended by No 41 of 2017, s 3 and Sch 1 item 16, by substituting " $50 million " for " $25 million " in para (b), effective 1 July 2018 and applicable to the 2018-19 year of income and later years of income.

S 23AA substituted by No 94 of 2018, s 3 and Sch 1 item 2, effective 1 July 2017 and applicable to the 2017-18 year of income and later years of income. S 23AA formerly read:

SECTION 23AA MEANING OF BASE RATE ENTITY  
23AA
An entity is a base rate entity for a year of income if:

(a) it carries on a business (within the meaning of the Income Tax Assessment Act 1997 ) in the year of income; and

(b) its aggregated turnover (within the meaning of that Act) for the year of income, worked out as at the end of that year, is less than $25 million.

S 23AA inserted by No 41 of 2017, s 3 and Sch 1 item 13, effective 1 July 2017 and applicable to the 2017-18 year of income and later years of income.