Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_23c:p1
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 23C (pt 1/2)
Character Range: 212241–214641

23C  Special provisions relating to rates of tax payable by friendly societies that are life insurance companies

 (1) This section applies to a friendly society that is a life insurance company.

 (2) If the 2000‑01 year of income of a friendly society starts before 1 July 2000, the rates of tax in respect of parts of the society's taxable income for the period starting at the start of the society's 2000‑01 year of income and ending at the end of 30 June 2000 are as follows:
 (a) the part of the CS/RA component equal to the amount that would be the CS/RA component if that period were a year of income—15%;
 (b) the part of the EIB component equal to the amount that would be the EIB component if that period were a year of income—33%;
 (c) the part of the RSA category A component equal to the amount that would be that RSA category A component if that period were a year of income—15%;
 (d) the part of the RSA category B component equal to the amount that would be that RSA category B component if that period were a year of income—34%;
 (e) the part of the NCS component equal to the amount that would be the NCS component if that period were a year of income—47%.

 (3) If the 2000‑01 year of income of a friendly society starts before 1 July 2000, the rates of tax in respect of parts of the society's taxable income for the period starting on 1 July 2000 and ending at the end of the society's 2000‑01 year of income are as follows:
 (a) the part of the ordinary class equal to the amount that would be the ordinary class if that period were a year of income—33%;
 (b) the part of the complying superannuation class equal to the amount that would be the complying superannuation class if that period were a year of income—15%.

 (4) If the 2000‑01 year of income of a friendly society starts after 1 July 2000, the rates of tax in respect of parts of the society's taxable income for the period starting at the start of the society's 1999‑2000 year of income and ending at the end of 30 June 2000 are as follows:
 (a) the part of the CS/RA component equal to the amount that would be the CS/RA component if that period were a year of income—15%;
 (b) the part of the EIB component equal to the amount that would be the EIB component if that period were a year of income—33%;
 (c) the part of the RSA category A component equal to the amount that would be the RSA category A component if