Commonwealth Consolidated Acts Commonwealth Consolidated ActsAn entity is a base rate entity for a year of income if:
(a) no more than 80% of its assessable income for the year of income is base rate entity passive income; and
(b) its aggregated turnover (within the meaning of the Income Tax Assessment Act 1997 ) for the year of income, worked out as at the end of that year, is less than $50 million.