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S 23C repealed by No 143 of 2007, s 3 and Sch 7 item 93, applicable to assessments for the 2007-08 income year and later income years.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

SECTION 23C SPECIAL PROVISIONS RELATING TO RATES OF TAX PAYABLE BY FRIENDLY SOCIETIES THAT ARE LIFE INSURANCE COMPANIES  
23C(1)
This section applies to a friendly society that is a life insurance company.

23C(2)
If the 2000-01 year of income of a friendly society starts before 1 July 2000, the rates of tax in respect of parts of the society's taxable income for the period starting at the start of the society'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 EIB component equal to the amount that would be the EIB component if that period were a year of income - 33%;

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

(d) the part of the RSA category B component equal to the amount that would be that RSA category B component if that period were a year of income - 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%.

23C(3)
If the 2000-01 year of income of a friendly society starts before 1 July 2000, the rates of tax in respect of parts of the society's taxable income for the period starting on 1 July 2000 and ending at the end of the society'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 - 33%;

(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%.

23C(4)
If the 2000-01 year of income of a friendly society starts after 1 July 2000, the rates of tax in respect of parts of the society's taxable income for the period starting at the start of the society'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 EIB component equal to the amount that would be the EIB component if that period were a year of income - 33%;

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

(d) the part of the RSA category B component equal to the amount that would be the RSA category B component if that period were a year of income - 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%.

23C(5)
If the 2000-01 year of income of a friendly society starts after 1 July 2000, the rates of tax in respect of parts of the society's taxable income for the period starting on 1 July 2000 and ending at the end of the society'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 - 33%;

(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 23C inserted by No 89 of 2000.