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Tax rates 2022–23

The following rates of tax apply to companies for the 2022–23 income year.

Last updated 29 May 2024

Companies

2022–23 tax rates – Companies (see note 1)

Income category

Rate (%)

Base rate entities

25

Otherwise

30

Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.

Life insurance companies

2022–23 tax rates – Life insurance companies

Income category

Rate (%)

Ordinary class of taxable income

30

Complying superannuation class of taxable income

15

Additional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider

32

RSA providers other than life insurance providers

2022–23 tax rates – RSA providers other than life insurance providers

Income category

Rate (%)

RSA component of taxable income

15

Additional tax on no-TFN contributions income

32

Standard component of taxable income:

  • Base rate entity
  • Otherwise

 

 

25

30

Pooled development funds

2022–23 tax rates – Pooled development funds (PDFs) (see note 2)

Income category

Rate (%)

Small and medium sized enterprises income component  

15

Unregulated investment component  

25

The amount that exceeds the PDF component:

  • Base rate entity
  • Otherwise

 

 

25

30

Note 2: For tax rates where a company either starts or ceases to be a PDF during the income year, refer to Appendix 4 of the Company tax return instructions.

Credit unions

2022–23 tax rates – Credit unions (see note 3)

Income category

Rate (%)

Small credit unions – under $50,000: Base rate entities

25

Small credit unions – under $50,000: Otherwise

30

Medium credit unions – $50,000 to $149,999: Base rate entities

37.5

Medium credit unions – $50,000 to $149,999: Otherwise

45

Large credit unions – $150,000 and over: Base rate entities

25

Large credit unions – $150,000 and over: Otherwise

30

Note 3: Small credit unions are taxed on all their taxable income but note the treatment of mutual interest. Interest derived by small credit unions is exempt from tax if both:

  • the credit union is an approved credit union
  • the interest is paid to the credit union by its non-company members in respect of loans it made to those members.

Credit unions with a notional taxable income of at least $50,000 but less than $150,000 are taxed on their taxable income above $49,999. Credit unions with a notional taxable income of $150,000 or more are taxed on all their taxable income. A credit union's notional taxable income is defined in subsection 6H(5) of ITAA 1936.

Not-for-profit companies

2022–23 tax rates – Not-for-profit companies (see note 4)

Income category

Rate (%)

Taxable income: $0–$416

Nil

Taxable income: $417–$915

55

Taxable income: $916 and above

30

Note 4: Not-for-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416. Not-for-profit companies with a taxable income above $915 are taxed on all their taxable income.

Not-for-profit companies that are base rate entities

2022–23 tax rates – Not-for-profit companies that are base rate entities (see note 5)

Income category

Rate (%)

Taxable income: $0–$416

Nil

Taxable income: $417–$762

55

Taxable income: $763 and above

25

Note 5: For the 2022–23 income year, not-for-profit companies that are base rate entities with a taxable income of between $417 and $762 are taxed on their taxable income above $416.

 

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