Tax rates 2001–2002 to 2010–11

Tax rates 2010–11

The following rates of tax apply to companies for the 2010–11 income year.

Companies

2010–11 tax rates – Companies (see note 1)

Income category	Rate (%)
Taxable income	30

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Life insurance companies

2010–11 tax rates – Life insurance companies

Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation and first home saver account (FHSA) class of taxable income	15
Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider	31.5

RSA providers other than life insurance providers

2010–11 tax rates – RSA providers other than life insurance providers

Income category	Rate (%)
RSA component of taxable income	15
Additional tax on no-TFN contributions income	31.5
FHSA component (if any) of taxable income	15
Standard component of taxable income	Rate applicable to institution

FHSA providers that are authorised deposit-taking institutions (ADIs) other than RSA providers

2010–11 tax rates – FHSA providers that are ADIs other than RSA providers

Income category	Rate (%)
FHSA component of taxable income	15
Standard component of taxable income	Rate applicable to institution

Trustee of FHSA trusts

2010–11 tax rates – Trustee of FHSA trusts

Income category	Rate (%)
Taxable income	15

Pooled development funds

2010–11 tax rates – Pooled development funds (PDFs) (see note 2)

Income category	Rate (%)
Small and medium sized enterprises income component	15
Unregulated investment component	25
Other	30

Note 2: Special tax rates apply where a company either starts or ceases to be a PDF during the income year – refer to Appendix 4 of the Company tax return instructions 2011.

Credit unions

2010–11 tax rates – Credit unions (see note 3)

Income category	Rate (%)
Small credit unions – under $50,000	30
Medium credit unions – $50,000 to $149,999	45
Large credit unions – $150,000 and over	30

Note 3: Small credit unions are taxed on all their taxable income but note the treatment of mutual interest.

Interest derived by small credit unions is exempt from tax if both:

• the credit union is an approved credit union
• the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

Credit unions with a notional taxable income of $150,000 or more are taxed on all their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Not-for-profit companies

2010–11 tax rates – Not-for-profit companies (see note 4)

Income category	Rate (%)
Taxable income: $0–$416	Nil
Taxable income: $417–$915	55
Taxable income: $916 and above	30

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all their taxable income.

Tax rates 2009–10

The following rates of tax apply to companies for the 2009–10 income year.

Companies

2009–10 tax rates – Companies (see note 1)

Income category	Rate (%)
Taxable income	30

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Life insurance companies

2009–10 tax rates – Life insurance companies

Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation and first home saver account (FHSA) class of taxable income	15
Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider	31.5

RSA providers other than life insurance providers

2009–10 tax rates – RSA providers other than life insurance providers

Income category	Rate (%)
RSA component of taxable income	15
Additional tax on no-TFN contributions income	31.5
FHSA component (if any) of taxable income	15
Standard component of taxable income	Rate applicable to institution

FHSA providers that are authorised deposit-taking institutions (ADIs) other than RSA providers

2009–10 tax rates – FHSA providers that are ADIs other than RSA providers

Income category	Rate (%)
FHSA component of taxable income	15
Standard component of taxable income	Rate applicable to institution

Trustee of FHSA trusts

2009–10 tax rates – Trustee of FHSA trusts

Income category	Rate (%)
Taxable income	15

Pooled development funds

2009–10 tax rates – Pooled development funds (PDFs) (see note 2)

Income category	Rate (%)
Small and medium sized enterprises income component	15
Unregulated investment component	25
Other	30

Note 2: Special tax rates apply where a company either starts or ceases to be a PDF during the income year.

Credit unions

2009–10 tax rates – Credit unions (see note 3)

Income category	Rate (%)
Small credit unions – under $50,000	30
Medium credit unions – $50,000 to $149,999	45
Large credit unions – $150,000 and over	30

Note 3: Small credit unions are taxed on all their taxable income but note the treatment of mutual interest.

Interest derived by small credit unions is exempt from tax if both:

• the credit union is an approved credit union
• the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

Credit unions with a notional taxable income of $150,000 or more are taxed on all their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Not-for-profit companies

2009–10 tax rates – Not-for-profit companies (see note 4)

Income category	Rate (%)
Taxable income: $0–$416	Nil
Taxable income: $417–$915	55
Taxable income: $916 and above	30

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all their taxable income.

Tax rates 2008–09

The following rates of tax apply to companies for the 2008–09 income year.

Companies

2008–09 tax rates – Companies (see note 1)

Income category	Rate (%)
Taxable income	30

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Life insurance companies

2008–09 tax rates – Life insurance companies

Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation and first home saver account (FHSA) class of taxable income	15
Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider	31.5

RSA providers other than life insurance providers

2008–09 tax rates – RSA providers other than life insurance providers

Income category	Rate (%)
RSA component of taxable income	15
Additional tax on no-TFN contributions income	31.5
FHSA component (if any) of taxable income	15
Standard component of taxable income	Rate applicable to institution

FHSA providers that are authorised deposit-taking institutions (ADIs) other than RSA providers

2008–09 tax rates – FHSA providers that are ADIs other than RSA providers

Income category	Rate (%)
FHSA component of taxable income	15
Standard component of taxable income	Rate applicable to institution

Trustee of FHSA trusts

2008–09 tax rates – Trustee of FHSA trusts

Income category	Rate (%)
Taxable income	15

Pooled development funds

2008–09 tax rates – Pooled development funds (PDFs) (see note 2)

Income category	Rate (%)
Small and medium sized enterprises income component	15
Unregulated investment component	25
Other	30

Note 2: Special tax rates apply where a company either starts or ceases to be a PDF during the income year.

Credit unions

2008–09 tax rates – Credit unions (see note 3)

Income category	Rate (%)
Small credit unions – under $50,000	30
Medium credit unions – $50,000 to $149,999	45
Large credit unions – $150,000 and over	30

Note 3: Small credit unions are taxed on all their taxable income but note the treatment of mutual interest.

Interest derived by small credit unions is exempt from tax if both:

• the credit union is an approved credit union
• the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

Credit unions with a notional taxable income of $150,000 or more are taxed on all their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Not-for-profit companies

2008–09 tax rates – Not-for-profit companies (see note 4)

Income category	Rate (%)
Taxable income: $0–$416	Nil
Taxable income: $417–$915	55
Taxable income: $916 and above	30

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all their taxable income.

Tax rates 2007–08

The following rates of tax apply to companies for the 2007–08 income year.

Companies

2007–08 tax rates – Companies (see note 1)

Income category	Rate (%)
Taxable income	30

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Life insurance companies

2007–08 tax rates – Life insurance companies

Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation and first home saver account (FHSA) class of taxable income	15
Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider	31.5

RSA providers other than life insurance providers

2007–08 tax rates – RSA providers other than life insurance providers

Income category	Rate (%)
RSA component of taxable income	15
Additional tax on no-TFN contributions income	31.5
Standard component of taxable income	Rate applicable to institution

Pooled development funds

2007–08 tax rates – Pooled development funds (PDFs) (see note 2)

Income category	Rate (%)
Small and medium sized enterprises income component	15
Unregulated investment component	25
Other	30

Note 2: Special tax rates apply where a company either starts or ceases to be a PDF during the income year.

Credit unions

2007–08 tax rates – Credit unions (see note 3)

Income category	Rate (%)
Small credit unions – under $50,000	30
Medium credit unions – $50,000 to $149,999	45
Large credit unions – $150,000 and over	30

Note 3: Small credit unions are taxed on all their taxable income but note the treatment of mutual interest.

Interest derived by small credit unions is exempt from tax if both:

• the credit union is an approved credit union
• the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

Credit unions with a notional taxable income of $150,000 or more are taxed on all their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Not-for-profit companies

2007–08 tax rates – Not-for-profit companies (see note 4)

Income category	Rate (%)
Taxable income: $0–$416	Nil
Taxable income: $417–$915	55
Taxable income: $916 and above	30

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all their taxable income.

Tax rates 2006–07

The following rates of tax apply to companies for the 2006–07 income year.

Companies

2006–07 tax rates – Companies (see note 1)

Income category	Rate (%)
Taxable income	30

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Private companies

2006–07 tax rates – Private companies

Income category	Rate (%)
Taxable income	30

Life insurance companies

2006–07 tax rates – Life insurance companies

Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation class of taxable income	15

RSA providers other than life insurance providers

2006–07 tax rates – RSA providers other than life insurance providers

Income category	Rate (%)
RSA component of taxable income	15
Standard component of taxable income	Rate applicable to institution

Pooled development funds

2006–07 tax rates – Pooled development funds (PDFs) (see note 2)

Income category	Rate (%)
Small and medium sized enterprises income component	15
Unregulated investment component	25
Other	30

Note 2: Special tax rates apply where a company either starts or ceases to be a PDF during the income year.

Credit unions

2006–07 tax rates – Credit unions (see note 3)

Income category	Rate (%)
Small credit unions – under $50,000	30
Medium credit unions – $50,000 to $149,999	45
Large credit unions – $150,000 and over	30

Note 3: Small credit unions are taxed on all their taxable income but note the treatment of mutual interest.

Interest derived by small credit unions is exempt from tax if both:

• the credit union is an approved credit union
• the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

Credit unions with a notional taxable income of $150,000 or more are taxed on all their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Not-for-profit companies

2006–07 tax rates – Not-for-profit companies (see note 4)

Income category	Rate (%)
Taxable income: $0–$416	Nil
Taxable income: $417–$915	55
Taxable income: $916 and above	30

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all their taxable income.

Tax rates 2005–06

The following rates of tax apply to companies for the 2005–06 income year.

Companies

2005–06 tax rates – Companies (see note 1)

Income category	Rate (%)
Taxable income	30

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Private companies

2005–06 tax rates – Private companies

Income category	Rate (%)
Taxable income	30

Life insurance companies

2005–06 tax rates – Life insurance companies

Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation class of taxable income	15

RSA providers other than life insurance providers

2005–06 tax rates – RSA providers other than life insurance providers

Income category	Rate (%)
RSA component of taxable income	15
Standard component of taxable income	Rate applicable to institution

Pooled development funds

2005–06 tax rates – Pooled development funds (PDFs) (see note 2)

Income category	Rate (%)
Small and medium sized enterprises income component	15
Unregulated investment component	25
Other	30

Note 2: Special tax rates apply where a company either starts or ceases to be a PDF during the income year.

Credit unions

2005–06 tax rates – Credit unions (see note 3)

Income category	Rate (%)
Small credit unions – under $50,000	30
Medium credit unions – $50,000 to $149,999	45
Large credit unions – $150,000 and over	30

Note 3: Small credit unions are taxed on all their taxable income but note the treatment of mutual interest.

Interest derived by small credit unions is exempt from tax if both:

• the credit union is an approved credit union
• the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

Credit unions with a notional taxable income of $150,000 or more are taxed on all their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Not-for-profit companies

2005–06 tax rates – Not-for-profit companies (see note 4)

Income category	Rate (%)
Taxable income: $0–$416	Nil
Taxable income: $417–$915	55
Taxable income: $916 and above	30

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all their taxable income.

Tax rates 2004–05

The following rates of tax apply to companies for the 2004–05 income year.

Companies

2004–05 tax rates – Companies (see note 1)

Income category	Rate (%)
Taxable income	30

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Private companies

2004–05 tax rates – Private companies

Income category	Rate (%)
Taxable income	30

Life insurance companies

2004–05 tax rates – Life insurance companies

Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation class of taxable income	15

RSA providers other than life insurance providers

2004–05 tax rates – RSA providers other than life insurance providers

Income category	Rate (%)
RSA component of taxable income	15
Standard component of taxable income	Rate applicable to institution

Pooled development funds

2004–05 tax rates – Pooled development funds (PDFs) (see note 2)

Income category	Rate (%)
Small and medium sized enterprises income component	15
Unregulated investment component	25
Other	30

Note 2: Special tax rates apply where a company either starts or ceases to be a PDF during the income year.

Credit unions

2004–05 tax rates – Credit unions (see note 3)

Income category	Rate (%)
Small credit unions – under $50,000	30
Medium credit unions – $50,000 to $149,999	45
Large credit unions – $150,000 and over	30

Note 3: Small credit unions are taxed on all their taxable income but note the treatment of mutual interest.

Interest derived by small credit unions is exempt from tax if both:

• the credit union is an approved credit union
• the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

Credit unions with a notional taxable income of $150,000 or more are taxed on all their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Not-for-profit companies

2004–05 tax rates – Not-for-profit companies (see note 4)

Income category	Rate (%)
Taxable income: $0–$416	Nil
Taxable income: $417–$915	55
Taxable income: $916 and above	30

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all their taxable income.

Tax rates 2003–04

The following rates of tax apply to companies for the 2003–04 income year.

Companies

2003–04 tax rates – Companies (see note 1)

Income category	Rate (%)
Taxable income	30

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Private companies

2003–04 tax rates – Private companies

Income category	Rate (%)
Taxable income	30

Life insurance companies

2003–04 tax rates – Life insurance companies

Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation class of taxable income (including RSA component)	15

RSA providers other than life insurance providers

2003–04 tax rates – RSA providers other than life insurance providers

Income category	Rate (%)
RSA component of taxable income	15
Standard component of taxable income	Rate applicable to institution

Pooled development funds

2003–04 tax rates – Pooled development funds (PDFs) (see note 2)

Income category	Rate (%)
Small and medium sized enterprises income component	15
Unregulated investment component	25
Other	30

Note 2: Special tax rates apply where a company either starts or ceases to be a PDF during the income year.

Credit unions

2003–04 tax rates – Credit unions (see note 3)

Income category	Rate (%)
Small credit unions – under $50,000	30
Medium credit unions – $50,000 to $149,999	45
Large credit unions – $150,000 and over	30

Note 3: Small credit unions are taxed on all their taxable income but note the treatment of mutual interest.

Interest derived by small credit unions is exempt from tax if both:

• the credit union is an approved credit union
• the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

Credit unions with a notional taxable income of $150,000 or more are taxed on all their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Not-for-profit companies

2003–04 tax rates – Not-for-profit companies (see note 4)

Income category	Rate (%)
Taxable income: $0–$416	Nil
Taxable income: $417–$915	55
Taxable income: $916 and above	30

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all their taxable income.

Tax rates 2002–03

The following rates of tax apply to companies for the 2002–03 income year.

Companies

2002–03 tax rates – Companies (see note 1)

Income category	Rate (%)
Taxable income	30

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Private companies

2002–03 tax rates – Private companies

Income category	Rate (%)
Taxable income	30

Life insurance companies

2002–03 tax rates – Life insurance companies

Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation class of taxable income (including RSA component)	15

RSA providers other than life insurance providers

2002–03 tax rates – RSA providers other than life insurance providers

Income category	Rate (%)
RSA component of taxable income	15
Standard component of taxable income	Rate applicable to institution

Pooled development funds

2002–03 tax rates – Pooled development funds (PDFs) (see note 2)

Income category	Rate (%)
Small and medium sized enterprises income component	15
Unregulated investment component	25
Other	30

Note 2: Special tax rates apply where a company either starts or ceases to be a PDF during the income year.

Credit unions

2002–03 tax rates – Credit unions (see note 3)

Income category	Rate (%)
Small credit unions – under $50,000	30
Medium credit unions – $50,000 to $149,999	45
Large credit unions – $150,000 and over	30

Note 3: Small credit unions are taxed on all their taxable income but note the treatment of mutual interest.

Interest derived by small credit unions is exempt from tax if both:

• the credit union is an approved credit union
• the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

Credit unions with a notional taxable income of $150,000 or more are taxed on all their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Not-for-profit companies

2002–03 tax rates – Not-for-profit companies (see note 4)

Income category	Rate (%)
Taxable income: $0–$416	Nil
Taxable income: $417–$915	55
Taxable income: $916 and above	30

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all their taxable income.

Early balancing life insurance companies

Rates for early balancing life insurance companies in the 2002–03 income year

Income category	Rate (%) for period from start of 2002–03 until 30 June 2002 income year		Rate (%) for period from 1 July 2002 until end of 2002–03 income year
Complying superannuation	15	15
Ordinary	30	30

Tax rates 2001–02

The following rates of tax apply to companies for the 2001–02 income year.

Companies

2001–02 tax rates – Companies (see note 1)

Income category	Rate (%)
Taxable income	30

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Private companies

2001–02 tax rates – Private companies

Income category	Rate (%)
Taxable income	30

Registered organisations (including friendly societies)

2001–02 tax rates – Registered organisation (including friendly societies)

Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation class of taxable income	15

Life insurance companies

2001–02 tax rates – Life insurance companies

Income category	Rate (%)
Ordinary class of taxable income	30
Complying superannuation class of taxable income	15

RSA providers

2001–02 tax rates – RSA providers

Income category	Rate (%)
RSA component of the general fund component	15
Standard component of the general fund component	30

Pooled development funds

2001–02 tax rates – Pooled development funds (PDFs) (see note 2)

Income category	Rate (%)
Small and medium sized enterprises income component	15
Unregulated investment component	25
Other	30

Note 2: Special tax rates apply where a company commences to be, or ceases to be, a PDF during the income year.

Credit unions

2001–02 tax rates – Credit unions (see note 3)

Income category	Rate (%)
Small credit unions – under $50,000	30
Medium credit unions – $50,000 to $149,999	45
Large credit unions – $150,000 and over	30

Note 3: Small credit unions are taxed on all their taxable income but note the treatment of mutual interest.

Interest derived by small credit unions is exempt from tax if both:

• the credit union is an approved credit union
• the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999.

Credit unions with a notional taxable income of $150,000 or more are taxed on all their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Not-for-profit companies

2001–02 tax rates – Not-for-profit companies (see note 4)

Income category	Rate (%)
Taxable income: $0–$416	Nil
Taxable income: $417–$915	55
Taxable income: $916 and above	30

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all their taxable income.

Early balancing friendly societies

Substituted accounting period: The changes to the company tax rate took effect from 1 July 2001. This had implications for companies with a substituted accounting period.

Rates for early balancing friendly societies in the 2001–02 income year

Class of taxable income	Rate (%) for period from start of 2001–02 until 30 June 2001 income year	Rate (%) for period from 1 July 2001 until end of 2001–02 income year
Complying superannuation	15	15
Ordinary	33	30

Early balancing life insurance companies

Substituted accounting period: The changes to the company tax rate took effect from 1 July 2001. This had implications for companies with a substituted accounting period.

Rates for early balancing life insurance companies in the 2001–02 income year

Class of taxable income	Rate (%) for period from start of 2001–02 until 30 June 2001 income year	Rate (%) for period from 1 July 2001 until end of 2001–02 income year
Complying superannuation	15	15
Ordinary	34	30