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Tax rates 2011–12 to 2020–21

Last updated 4 June 2023

Company tax rates for the 2011–12 to 2020–21 income years.

Tax rates 2020–21

The following rates of tax apply to companies for the 2020–21 income year.

Companies

2020–21 tax rates – Companies (see note 1)

Income category

Rate (%)

Base rate entities

26

Otherwise

30

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

Life insurance companies

2020–21 tax rates – Life insurance companies

Income category

Rate (%)

Ordinary class of taxable income

30

Complying superannuation class of taxable income

15

Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider

32

RSA providers other than life insurance providers

2020–21 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

32

Standard component of taxable income:

  • Base rate entity
  • Otherwise

 

 

26

30

Pooled development funds

2020–21 tax rates – Pooled development funds (PDFs) (see note 2)

Income category

Rate (%)

Small and medium sized enterprises income component  

15

Unregulated investment component  

25

The amount that exceeds the PDF component:

  • Base rate entity
  • Otherwise

 

 

26

30

Note 2: For tax rates 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.

Credit unions

2020–21 tax rates – Credit unions (see note 3)

Income category

Rate (%)

Small credit unions – under $50,000: Base rate entities

26

Small credit unions – under $50,000: Otherwise

30

Medium credit unions – $50,000 to $149,999: Base rate entities

39

Medium credit unions – $50,000 to $149,999: Otherwise

45

Large credit unions – $150,000 and over: Base rate entities

26

Large credit unions – $150,000 and over: Otherwise

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 defined in subsection 6H(5) of ITAA 1936.

Not-for-profit companies

2020–21 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.

Not-for-profit companies that are base rate entities

2020–21 tax rates – Not-for-profit companies that are base rate entities (see note 5)

Income category

Rate (%)

Taxable income: $0–$416

Nil

Taxable income: $417–$788

55

Taxable income: $789 and above

26

Note 5: For the 2020–21 income year, not-for-profit companies that are base rate entities with a taxable income of between $417 and $788 are taxed on their taxable income above $416.

If their taxable income is above $788, they will be taxed on all their taxable income.

Tax rates 2019–20

The following rates of tax apply to companies for the 2019–20 income year.

Companies

2019–20 tax rates – Companies (see note 1)

Income category

Rate (%)

Base rate entities

27.5

Otherwise

30

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

Life insurance companies

2019–20 tax rates – Life insurance companies

Income category

Rate (%)

Ordinary class of taxable income

30

Complying superannuation class of taxable income

15

Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider

32

RSA providers other than life insurance providers

2019–20 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

32

Standard component of taxable income:

  • Base rate entity
  • Otherwise

 

 

27.5

30

Pooled development funds

2019–20 tax rates – Pooled development funds (PDFs) (see note 2)

Income category

Rate (%)

Small and medium sized enterprises income component  

15

Unregulated investment component  

25

The amount that exceeds the PDF component:

  • Base rate entity
  • Otherwise

 

 

27.5

30

Note 2: For tax rates 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.

Credit unions

2019–20 tax rates – Credit unions (see note 3)

Income category

Rate (%)

Small credit unions – under $50,000: Base rate entities

27.5

Small credit unions – under $50,000: Otherwise

30

Medium credit unions – $50,000 to $149,999: Base rate entities

41.25

Medium credit unions – $50,000 to $149,999: Otherwise

45

Large credit unions – $150,000 and over: Base rate entities

27.5

Large credit unions – $150,000 and over: Otherwise

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 defined in subsection 6H(5) of ITAA 1936.

Not-for-profit companies

2019–20 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.

Not-for-profit companies that are base rate entities

2019–20 tax rates – Not-for-profit companies that are base rate entities (see note 5)

Income category

Rate (%)

Taxable income: $0–$416

Nil

Taxable income: $417–$831

55

Taxable income: $832 and above

27.5

Note 5: For the 2019–20 income year, not-for-profit companies that are base rate entities with a taxable income of between $417 and $831 are taxed on their taxable income above $416.

If their taxable income is above $831, they will be taxed on all their taxable income.

Tax rates 2018–19

The following rates of tax apply to companies for the 2018–19 income year.

Companies

2018–19 tax rates – Companies (see note 1)

Income category

Rate (%)

Base rate entities

27.5

Otherwise

30

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

Life insurance companies

2018–19 tax rates – Life insurance companies

Income category

Rate (%)

Ordinary class of taxable income

30

Complying superannuation class of taxable income

15

Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider

32

RSA providers other than life insurance providers

2018–19 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

32

Standard component of taxable income:

  • Base rate entity
  • Otherwise

 

 

27.5

30

Pooled development funds

2018–19 tax rates – Pooled development funds (PDFs) (see note 2)

Income category

Rate (%)

Small and medium sized enterprises income component  

15

Unregulated investment component  

25

The amount that exceeds the PDF component:

  • Base rate entity
  • Otherwise

 

 

27.5

30

Note 2: For tax rates 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.

Credit unions

2018–19 tax rates – Credit unions (see note 3)

Income category

Rate (%)

Small credit unions – under $50,000: Base rate entities

27.5

Small credit unions – under $50,000: Otherwise

30

Medium credit unions – $50,000 to $149,999: Base rate entities

41.25

Medium credit unions – $50,000 to $149,999: Otherwise

45

Large credit unions – $150,000 and over: Base rate entities

27.5

Large credit unions – $150,000 and over: Otherwise

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 defined in subsection 6H(5) of ITAA 1936.

Not-for-profit companies

2018–19 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.

Not-for-profit companies that are base rate entities

2018–19 tax rates – Not-for-profit companies that are base rate entities (see note 5)

Income category

Rate (%)

Taxable income: $0–$416

Nil

Taxable income: $417–$831

55

Taxable income: $832 and above

27.5

Note 5: For the 2018–19 income year, not-for-profit companies that are base rate entities with a taxable income of between $417 and $831 are taxed on their taxable income above $416.

If their taxable income is above $831, they will be taxed on all their taxable income.

Tax rates 2017–18

The following rates of tax apply to companies for the 2017–18 income year.

Companies

2017–18 tax rates – Companies (see note 1)

Income category

Rate (%)

Base rate entities

27.5

Otherwise

30

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

Life insurance companies

2017–18 tax rates – Life insurance companies

Income category

Rate (%)

Ordinary class of taxable income

30

Complying superannuation class of taxable income

15

Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider

32

RSA providers other than life insurance providers

2017–18 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

32

Standard component of taxable income:

  • Base rate entity
  • Otherwise

 

 

27.5

30

Pooled development funds

2017–18 tax rates – Pooled development funds (PDFs) (see note 2)

Income category

Rate (%)

Small and medium sized enterprises income component  

15

Unregulated investment component  

25

The amount that exceeds the PDF component:

  • Base rate entity
  • Otherwise

 

 

27.5

30

Note 2: For tax rates 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.

Credit unions

2017–18 tax rates – Credit unions (see note 3)

Income category

Rate (%)

Small credit unions – under $50,000: Base rate entities

27.5

Small credit unions – under $50,000: Otherwise

30

Medium credit unions – $50,000 to $149,999: Base rate entities

41.25

Medium credit unions – $50,000 to $149,999: Otherwise

45

Large credit unions – $150,000 and over: Base rate entities

27.5

Large credit unions – $150,000 and over: Otherwise

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 defined in subsection 6H(5) of ITAA 1936.

Not-for-profit companies

2017–18 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.

Not-for-profit companies that are base rate entities

2017–18 tax rates – Not-for-profit companies that are base rate entities (see note 5)

Income category

Rate (%)

Taxable income: $0–$416

Nil

Taxable income: $417–$831

55

Taxable income: $832 and above

27.5

Note 5: From the 2017–18 income year, not-for-profit companies that are base rate entities with a taxable income of between $417 and $831 are taxed on their taxable income above $416.

If their taxable income is above $831, they will be taxed on all their taxable income.

Tax rates 2016–17

The following rates of tax apply to companies for the 2016–17 income year.

Companies

2016–17 tax rates – Companies (see note 1)

Income category

Rate (%)

Small business entities (See Small business company tax rate)

27.5

Otherwise

30

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

Life insurance companies

2016–17 tax rates – Life insurance companies

Income category

Rate (%)

Ordinary class of taxable income

30

Complying superannuation class of taxable income

15

Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider

34

RSA providers other than life insurance providers

2016–17 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

34

Standard component of taxable income

Rate applicable to institution

Pooled development funds

2016–17 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: For tax rates 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.

Credit unions

2016–17 tax rates – Credit unions (see note 3)

Income category

Rate (%)

Small credit unions – under $50,000: Small business entities

27.5

Small credit unions – under $50,000: Otherwise

30

Medium credit unions – $50,000 to $149,999: Small business entities

41.25

Medium credit unions – $50,000 to $149,999: Otherwise

45

Large credit unions – $150,000 and over: Small business entities

27.5

Large credit unions – $150,000 and over: Otherwise

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 defined in subsection 6H(5) of ITAA 1936.

Not-for-profit companies

2016–17 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.

Not-for-profit companies that are small business entities

2016–17 tax rates – Not-for-profit companies that are small business entities (see note 5)

Income category

Rate (%)

Taxable income: $0–$416

Nil

Taxable income: $417–$831

55

Taxable income: $832 and above

27.5

Note 5: For income years beginning on or after 1 July 2015, not-for-profit companies that are small business entities with a taxable income of between $417 and $831 are taxed on their taxable income above $416.

If their taxable income is above $831, they will be taxed on all their taxable income.

Tax rates 2015–16

The following rates of tax apply to companies for the 2015–16 income year.

Companies

2015–16 tax rates – Companies (see note 1)

Income category

Rate (%)

Small business entities (See Small business company tax rate)

28.5

Otherwise

30

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

Life insurance companies

2015–16 tax rates – Life insurance companies

Income category

Rate (%)

Ordinary class of taxable income

30

Complying superannuation class of taxable income

15

Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider

34

RSA providers other than life insurance providers

2015–16 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

34

Standard component of taxable income

Rate applicable to institution

Pooled development funds

2015–16 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: For tax rates 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 2016.

Credit unions

2015–16 tax rates – Credit unions (see note 3)

Income category

Rate (%)

Small credit unions – under $50,000: Small business entities

28.5

Small credit unions – under $50,000: Otherwise

30

Medium credit unions – $50,000 to $149,999: Small business entities

42.75

Medium credit unions – $50,000 to $149,999: Otherwise

45

Large credit unions – $150,000 and over: Small business entities

28.5

Large credit unions – $150,000 and over: Otherwise

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 defined in subsection 6H(5) of ITAA 1936.

Not-for-profit companies

2015–16 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.

Not-for-profit companies that are small business entities

2015–16 tax rates – Not-for-profit companies that are small business entities (see note 5)

Income category

Rate (%)

Taxable income: $0–$416

Nil

Taxable income: $417–$831

55

Taxable income: $832 and above

28.5

Note 5: For income years beginning on or after 1 July 2015, not-for-profit companies that are small business entities with a taxable income of between $417 and $863 are taxed on their taxable income above $416. If their taxable income is above $863, they will be taxed on all their taxable income.

Tax rates 2014–15

The following rates of tax apply to companies for the 2014–15 income year.

Companies

2014–15 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

2014–15 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

34

RSA providers other than life insurance providers

2014–15 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

34

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

2014–15 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

2014–15 tax rates – Trustee of FHSA trusts

Income category

Rate (%)

Taxable income

15

Pooled development funds

2014–15 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 2015.

Credit unions

2014–15 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

2014–15 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 2013–14

The following rates of tax apply to companies for the 2013–14 income year.

Companies

2013–14 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

2013–14 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

2013–14 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

2013–14 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

2013–14 tax rates – Trustee of FHSA trusts

Income category

Rate (%)

Taxable income

15

Pooled development funds

2013–14 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 2014.

Credit unions

2013–14 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

2013–14 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 2012–13

The following rates of tax apply to companies for the 2012–13 income year.

Companies

2012–13 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

2012–13 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

2012–13 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

2012–13 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

2012–13 tax rates – Trustee of FHSA trusts

Income category

Rate (%)

Taxable income

15

Pooled development funds

2012–13 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 2013.

Credit unions

2012–13 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

2012–13 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 2011–12

The following rates of tax apply to companies for the 2011–12 income year.

Companies

2011–12 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

2011–12 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

2011–12 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

2011–12 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

2011–12 tax rates – Trustee of FHSA trusts

Income category

Rate (%)

Taxable income

15

Pooled development funds

2011–12 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 2012.

Credit unions

2011–12 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

2011–12 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.

QC99933