Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_29
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 29
Character Range: 240664–241712

29  Rate of tax on no‑TFN contributions income

 (1) This section sets the rate of tax payable:
 (a) by a trustee of a complying superannuation fund in respect of the no‑TFN contributions income of the fund; and
 (b) by a trustee of a non‑complying superannuation fund in respect of the no‑TFN contributions income of the fund; and
 (c) by a company (other than a life insurance company) that is an RSA provider in respect of no‑TFN contributions income.

 (2) The rate of tax is worked out in the following way:
 (a) first, work out the maximum rate specified in column 3 of the table in Part I of Schedule 7 to this Act that applies for the year of income;
 (b) next, add 1.5%;
 (c) next, subtract the rate of tax:
 (i) for a trustee of a complying superannuation fund—set out in paragraph 26(1)(a); or
 (ii) for a trustee of a non‑complying superannuation fund—set out in subsection 26(2); or
 (iii) for a company (other than a life insurance company) that is an RSA provider—set out in paragraph 23(4BA)(a).

Taxation Administration Act 1953