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

94   Subsection 295-10(1) (method statement, steps 4 and 5)

Repeal the steps, substitute:

Step 4. For a *complying superannuation entity, work out the *low tax component and *non-arm's length component of the entity's taxable income.

Step 5. Apply the applicable rates as set out in the Income Tax Rates Act 1986 to:

(a) if step 4 applies to the entity - the components worked out under that step; or

(b) otherwise - the entity's taxable income.