Single tier tax system
As reported, a single tier system will be introduced at the rate of 26%. Companies which have no credit balance in their Sec. 108 account (i.e. the imputation credit account) will be allowed to move to the single tier system, while companies with Sec. 108 account balances will be given the option to elect for a single tier system. Companies with Sec. 108 account credit balances which do not elect to switch over to the single tier system …