If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice. Make sure you have the information for the right year before making decisions based on that information. Some of the information on this website applies to a specific financial year. If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take. We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. If their taxable income is above $788, they will be taxed on all of their taxable income. Note 5: For the 2020–21 income year, not-for-profit companies that are base rate entities with a taxable income of between $417 and $788 are taxed on their taxable income above $416. Not-for-profit companies that are base rate entities 2020–21 tax rates – Not-for-profit companies that are base rate entities (see note 5) Not-for-profit companies with a taxable income above $915 are taxed on all of their taxable income. 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 2020–21 tax rates – Not-for-profit companies (see note 4) A credit union's notional taxable income is defined in subsection 6H(5) of ITAA 1936. Credit unions with a notional taxable income of $150,000 or more are taxed on all of their taxable income.
the credit union is an approved credit union, and.
Interest derived by small credit unions is exempt from tax if: Note 3: Small credit unions are taxed on all their taxable income, but note the treatment of mutual interest. Large credit unions – $150,000 and over: Otherwise Large credit unions – $150,000 and over: Base rate entities Medium credit unions – $50,000 to $149,999: Base rate entities Small credit unions – under $50,000: Otherwise Small credit unions – under $50,000: Base rate entities Credit unions 2020–21 tax rates – Credit unions (see note 3)
Federal taxes for small business rates pdf#
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. The amount that exceeds the PDF component: Small and medium sized enterprises income component Pooled development funds 2020–21 tax rates – Pooled development funds (PDFs) (see note 2) RSA providers other than life insurance providers 2020–21 tax rates – RSA providers other than life insurance providersĪdditional tax on no-TFN contributions income Life insurance companies 2020–21 tax rates – Life insurance companiesĬomplying superannuation class of taxable incomeĪdditional tax on no-TFN contributions income where the company is a retirement savings account (RSA) provider Note 1: This includes corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts. Companies 2020–21 tax rates – Companies (see note 1) The following rates of tax apply to companies for the 2020–21 income year.