Document ID: chunk:federal_register_of_legislation:C2024C00381:section:29
Version: federal_register_of_legislation:C2024C00381
Segment Type: section
Provision Reference: s 29
Character Range: 52717–53810

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 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 applicable to the year of income in Part I of Schedule 7 to this Act that applies for the year of income;
 (b) next, add 2%;
 (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(3)(a); or
 (iv) for a life insurance company that is an RSA provider—set out in paragraph 23A(b).