Taxable income

Tax on this income

$0 – $34,000

29c for each $1

$34,001 – $80,000

$9,860 plus 30c for each $1 over $34,000

$80,001 – $180,000

$23,660 plus 40c for each $1 over $80,000

$180,001 and over

$63,660 plus 45c for each $1 over $180,000

Companies generally

• including corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts

30

Private companies generally

• taxable income

30

Life insurance companies

• ordinary class of taxable income

30

• complying superannuation class of taxable income
  • further tax on no-TFN contributions income
    (where a RSA provider)

15

31.5

Retirement savings accounts providers other than life insurance companies

• the RSA component of the taxable income
  • further tax on no-TFN contributions income

15

31.5

• the standard component of taxable income

Rate applicable to institution

Pooled development funds
(Note that special tax rates apply where a company commences to be, or ceases to be, a PDF during the income year.)

• small and medium sized enterprises income component

15

• unregulated investment component

25

• other

30

Credit unions

• small credit unions - under $50,000

30

• medium credit unions - $50,000 to $149,999

45

• large credit unions - $150,000 and over

30

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

Interest derived by small credit unions that are also approved credit unions, being interest paid to the credit union by its members not being companies in respect of loans made to those members, is exempt from tax.

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

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

Notional taxable income of a credit union is 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.

Non-profit companies

Non-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income in excess of $416.

Non-profit companies with a taxable income of $915 and above are taxed on all their taxable income.

Taxable income

$0–$416
$417–$915
$916 and above

Nil
55
30