Income Tax Rates Act 1986
This section sets the rate of tax payable:
(a) by a trustee of a complying superannuation fund in respect of the no-TFN contributions income of the fund; and
(b) by a trustee of a non-complying superannuation fund in respect of the no-TFN contributions income of the fund; and
(c) by a company that is an RSA provider in respect of no-TFN contributions income.
The rate of tax is worked out in the following way:
(a) first, work out the maximum rate specified in column 3 of the table applicable to the year of income in Part I of Schedule 7 to this Act that applies for the year of income;
(b) next, add 2%;
(c) next, subtract the rate of tax:
(i) for a trustee of a complying superannuation fund - set out in paragraph 26(1)(a) ; or
(ii) for a trustee of a non-complying superannuation fund - set out in subsection 26(2) ; or
(iii) for a company (other than a life insurance company) that is an RSA provider - set out in paragraph 23(3)(a) ; or
(iv) for a life insurance company that is an RSA provider - set out in paragraph 23A(b) .
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