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.
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