Charlles Andrew Sant 
A one stop bookkeeping, accounting, taxation and advisory service for the small to medium business
 
 
 
 
 

 
 
 
Keeping Balanced Books
 
 
 
 

 

 
 



                 


Company tax

Tax rates 2014–15

The following rates of tax apply to companies for the 2014-15 income year.

Companies

Rate %

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

30

Life insurance companies

Ordinary class of taxable income

30

Complying super and first home saver account (FHSA) class of taxable income

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

15


31.5

RSA providers other than life insurance companies

RSA component of taxable income

Additional tax on no-TFN contributions income

15

31.5

FHSA component (if any) of taxable income

15

Standard component of taxable income

Rate applicable to institution

FHSA providers that are authorised deposit-taking institutions (ADIs) other than RSA providers

FHSA component of taxable income

15

Standard component of taxable income

Rate applicable to institution

Trustees of FHSA trusts

Taxable income

15

Pooled development funds (PDFs)

Special tax rates apply where a company either starts or ceases to be a PDF during the income year – refer to Appendix 4 of the Company tax return instructions2015 

Small and medium sized enterprises income component

15

Unregulated investment component

25

Other

30

Credit unions

Small credit unions – under $50,000

30

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

45

Large credit unions – $150,000 and over

30

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 all of the following apply:

  • 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 of their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Non-profit companies

Non-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416.

Non-profit companies with a taxable income above $915 are taxed on all of their taxable income.

Taxable income

$0–$416

$417–$915

$916 and above

Nil

55

30

Tax rates 2013–14

The following rates of tax apply to companies for the 2013-14 income year.

Companies

Rate %

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

30

Life insurance companies

Ordinary class of taxable income

30

Complying super and first home saver account (FHSA) class of taxable income

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

15

 
31.5

RSA providers other than life insurance companies

RSA component of taxable income

Additional tax on no-TFN contributions income

15

31.5

FHSA component (if any) of taxable income

15

Standard component of taxable income

Rate applicable to institution

FHSA providers that are authorised deposit-taking institutions (ADIs) other than RSA providers

FHSA component of taxable income

15

Standard component of taxable income

Rate applicable to institution

Trustees of FHSA trusts

Taxable income

15

Pooled development funds (PDFs)

Special tax rates apply 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 2014 

Small and medium sized enterprises income component

15

Unregulated investment component

25

Other

30

Credit unions

Small credit unions – under $50,000

30

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

45

Large credit unions – $150,000 and over

30

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 all of the following apply:

  • 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 of their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Non-profit companies

Non-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416.

Non-profit companies with a taxable income above $915 are taxed on all of their taxable income.

Taxable income

$0–$416

$417–$915

$916 and above

Nil

55

30

Tax rates 2012–13

The following rates of tax apply to companies for the 2012-13 income year.

Companies

Rate %

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

30

Life insurance companies

Ordinary class of taxable income

30

Complying super and first home saver account (FHSA) class of taxable income

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

15

 
31.5

RSA providers other than life insurance companies

RSA component of taxable income

Additional tax on no-TFN contributions income

15

31.5

FHSA component (if any) of taxable income

15

Standard component of taxable income

Rate applicable to institution

FHSA providers that are authorised deposit-taking institutions (ADIs) other than RSA providers

FHSA component of taxable income

15

Standard component of taxable income

Rate applicable to institution

Trustees of FHSA trusts

Taxable income

15

Pooled development funds (PDFs)

Special tax rates apply 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 2013 

Small and medium sized enterprises income component

15

Unregulated investment component

25

Other

30

Credit unions

Small credit unions – under $50,000

30

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

45

Large credit unions – $150,000 and over

30

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 all of the following apply:

  • 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 of their taxable income.

A credit union's notional taxable income is the amount that would be its taxable income if section 23G of ITAA 1936 did not apply and Division 9 of Part III of ITAA 1936 had not been enacted.

Non-profit companies

Non-profit companies with a taxable income of between $417 and $915 are taxed on their taxable income above $416.

Non-profit companies with a taxable income above $915 are taxed on all of their taxable income.

Taxable income

$0–$416

$417–$915

$916 and above

Nil

55

30

Last modified: 11 Sep 2014


trading as
Sant's Business & Management Assistance 
ABN: 30 025 743 531
 
Phone: (02) 9920 3666 or 0410 662 591
email: info@sant.net.au