INCOME TAX ASSESSMENT ACT 1997 - SECT 328.115 Meaning of aggregated turnover
INCOME TAX ASSESSMENT ACT 1997 - SECT 328.115
Meaning of aggregated turnover(1) Your aggregated turnover for an income year is the sum of the relevant annual turnovers (see subsection (2)) excluding any amounts covered by subsection (3).
Note: For small business CGT relief purposes, additional entities may be treated as being connected with you or your affiliate under sections 152 - 48 and 152 - 78.
(2) The relevant annual turnovers are:
(a) your * annual turnover for the income year; and
(b) the annual turnover for the income year of any entity (a relevant entity ) that is * connected with you at any time during the income year; and
(c) the annual turnover for the income year of any entity (a relevant entity ) that is an * affiliate of yours at any time during the income year.
(3) Your aggregated turnover for an income year does not include the following amounts:
(a) amounts * derived in the income year by you or a relevant entity from dealings between you and the relevant entity while the relevant entity is * connected with you or is your * affiliate;
(b) amounts derived in the income year by a relevant entity from dealings between the relevant entity and another relevant entity while each relevant entity is connected with you or is your affiliate;
(c) amounts derived in the income year by a relevant entity
while the relevant entity is not connected with you and is not your affiliate.