Income Tax Rates Act 1986

PART III - RATES OF INCOME TAX PAYABLE UPON INCOMES OF COMPANIES, PRESCRIBED UNIT TRUSTS, SUPERANNUATION FUNDS, CERTAIN OTHER TRUSTS AND SOVEREIGN ENTITIES  

SECTION 29   RATE OF TAX ON NO-TFN CONTRIBUTIONS INCOME  

29(1)    
This section sets the rate of tax payable:

(a) by a trustee of a complying superannuation fund in respect of the no-TFN contributions income of the fund; and

(b) by a trustee of a non-complying superannuation fund in respect of the no-TFN contributions income of the fund; and

(c) by a company that is an RSA provider in respect of no-TFN contributions income.

29(2)    

The rate of tax is worked out in the following way:

(a) first, work out the maximum rate specified in column 3 of the table applicable to the year of income in Part I of Schedule 7 to this Act that applies for the year of income;

(b) next, add 2%;

(c) next, subtract the rate of tax:

(i) for a trustee of a complying superannuation fund - set out in paragraph 26(1)(a) ; or

(ii) for a trustee of a non-complying superannuation fund - set out in subsection 26(2) ; or

(iii) for a company (other than a life insurance company) that is an RSA provider - set out in paragraph 23(3)(a) ; or

(iv) for a life insurance company that is an RSA provider - set out in paragraph 23A(b) .