Document ID: chunk:federal_register_of_legislation:C2015A00066:clause:1_2
Version: federal_register_of_legislation:C2015A00066
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 4175–5149

2  Subsections 23(6) and (7)
Repeal the subsections, substitute:
 (6) The amount of tax payable by a company (before applying any rebate, credit or other tax offset (within the meaning of the Income Tax Assessment Act 1997)) must not be greater than 55% of the amount (if any) by which the taxable income of the company exceeds $416, if:
 (a) the company is a non‑profit company; and
 (b) the taxable income is not greater than:
 (i) if the company is a small business entity for a year of income—$863; or
 (ii) otherwise—$915.
 (7) The amount of tax payable by a company (before applying any rebate, credit or other tax offset (within the meaning of the Income Tax Assessment Act 1997)) must not be greater than:
 (a) if the company is a small business entity for a year of income—42.75%; or
 (b) otherwise—45%;
of the amount by which the taxable income of the company exceeds $49,999, if the company is a recognised medium credit union in relation to the year of income.