Treasury Laws Amendment (2019 Measures No. 3) Act 2020 (64 of 2020)

Schedule 3   Miscellaneous amendments

Part 2   Amendments commencing first day of the next quarter

Income Tax Assessment Act 1997

101   Subsection 295-545(1)

Repeal the subsection, substitute:

(1) The taxable income of a *complying superannuation entity is split into a *non-arm's length component and a *low tax component.

Note: A concessional rate applies to the low tax component, while the non-arm's length component is taxed at the highest marginal rate. The rates are set out in the Income Tax Rates Act 1986.