Treasury Laws Amendment (Enterprise Tax Plan) Act 2017 (41 of 2017)

Schedule 4   Main consequential amendments relating to imputation

Part 1   Amendments commencing 1 July 2016

Income Tax Assessment Act 1997

28   Subsection 995-1(1)

Insert:

corporate tax rate for imputation purposes , of an entity for an income year, means:

(a) unless paragraph (b) applies - the entity's *corporate tax rate for the income year, worked out on the assumption that the entity's *aggregated turnover for the income year is equal to its aggregated turnover for the previous income year; or

(b) if the entity did not exist in the previous income year - the rate of tax in respect of the taxable income of a company covered by paragraph 23(2)(a) of the Income Tax Rates Act 1986.