INCOME TAX RATES ACT 1986

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

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 $50 million.


 

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