Income Tax Rates Act 1986

Pt III heading amended by No 36 of 2019, s 3 and Sch 1 item 2, by substituting " , certain other trusts and sovereign entities " for " and certain other trusts " , effective 1 July 2019.

S 23B repealed by No 143 of 2007, s 3 and Sch 7 item 93, applicable to assessments for the 2007-08 income year and later income years. S 23B formerly read:

SECTION 23B SPECIAL PROVISIONS RELATING TO RATES OF TAX PAYABLE BY LIFE INSURANCE COMPANIES OTHER THAN FRIENDLY SOCIETIES  
23B(1)
This section applies to a life insurance company other than a friendly society.

23B(2)
If the 2000-01 year of income of a life insurance company starts before 1 July 2000, the rates of tax in respect of parts of the company's taxable income for the period starting at the start of the company's 2000-01 year of income and ending at the end of 30 June 2000 are as follows:

(a) the part of the CS/RA component equal to the amount that would be the CS/RA component if that period were a year of income - 15%;

(b) the part of the AD/RLA component equal to the amount that would be the AD/RLA component if that period were a year of income - 39%;

(c) the part of the RSA component of the general fund component equal to the amount that would be that RSA component if that period were a year of income - 15%;

(d) the part of the standard component of the general fund component equal to the amount that would be that standard component if that period were a year of income:

(i) if the company is a mutual life assurance company (within the meaning of section 110 of the Assessment Act as in force immediately before 1 July 2000) at the end of the period - 39%; or

(ii) in any other case - 34%;

(e) the part of the NCS component equal to the amount that would be the NCS component if that period were a year of income - 47%.

23B(3)
If the 2000-01 year of income of a life insurance company starts before 1 July 2000, the rates of tax in respect of parts of the company's taxable income for the period starting on 1 July 2000 and ending at the end of the company's 2000-01 year of income are as follows:

(a) the part of the ordinary class equal to the amount that would be the ordinary class if that period were a year of income - 34%;

(b) the part of the complying superannuation class equal to the amount that would be the complying superannuation class if that period were a year of income - 15%.

23B(4)
If the 2000-01 year of income of a life insurance company starts after 1 July 2000, the rates of tax in respect of parts of the company's taxable income for the period starting at the start of the company's 1999-2000 year of income and ending at the end of 30 June 2000 are as follows:

(a) the part of the CS/RA component equal to the amount that would be the CS/RA component if that period were a year of income - 15%;

(b) the part of the AD/RLA component equal to the amount that would be the AD/RLA component if that period were a year of income - 39%;

(c) the part of the RSA component of the general fund component equal to the amount that would be that RSA component if that period were a year of income - 15%;

(d) the part of the standard component of the general fund component equal to the amount that would be that standard component if that period were a year of income:

(i) if the company is a mutual life assurance company (within the meaning of section 110 of the Assessment Act as in force immediately before 1 July 2000) at the end of the period - 39%; or

(ii) in any other case - 36%;

(e) the part of the NCS component equal to the amount that would be the NCS component if that period were a year of income - 47%.

23B(5)
If the 2000-01 year of income of a life insurance company starts after 1 July 2000, the rates of tax in respect of parts of the company's taxable income for the period starting on 1 July 2000 and ending at the end of the company's 1999-2000 year of income are as follows:

(a) the part of the ordinary class equal to the amount that would be the ordinary class if that period were a year of income - 36%;

(b) the part of the complying superannuation class equal to the amount that would be the complying superannuation class if that period were a year of income - 15%.

S 23B inserted by No 89 of 2000.