Commonwealth Numbered Acts

INCOME TAX (COMPANIES AND SUPERANNUATION FUNDS) ACT 1980 No. 126 of 1980 - SECT 6

6. (1) The rates of tax payable by a company, other than a company in the
capacity of a trustee, are as set out in the following provisions of this
section.

(2) The rate of tax in respect of the taxable income of a company not being-

   (a)  a private company; or

   (b)  a non-profit company that is a friendly society dispensary, is 46%.

(3) In the case of a company that is a private company, the rates of tax are-

   (a)  in respect of the taxable income-46%; and

   (b)  in respect of the undistributed amount in respect of which the company
        is liable under section 104 of the Assessment Act to pay additional
        tax- 50%.

(4) The rate of tax in respect of the taxable income of a non-profit company
that is a friendly society dispensary is 41%.

(5) Where the taxable income of a non-profit company other than a friendly
society dispensary does not exceed $2,542, the amount of tax payable by the
company shall not exceed 55% of the amount by which the taxable income exceeds
$416 less any rebate or credit to which the company is entitled.

(6) Where the taxable income of a non-profit company that is a friendly
society dispensary does not exceed $2,311, the amount of tax payable by the
company shall not exceed 50% of the amount by which the taxable income exceeds
$416 less any rebate or credit to which the company is entitled.