29Rate of tax on no‑TFN contributions income

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).