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  • Calculating your turnover



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Turnover includes all ordinary income earned in the ordinary course of business for the income year. The following are some examples of amounts included and not included in ordinary income.

    Include these amounts

    Do not include these amounts

    • sales of trading stock
    • fees for services provided
    • interest from business bank accounts
    • amounts received to replace something that would have had the character of business income, for example, a payment for loss of earnings
    • GST charged on a transaction
    • amounts borrowed for the business
    • proceeds from the sale of business assets
    • capital gains
    • amounts received from repayments of farm management deposits

    There are special rules for calculating your annual turnover if you have retail fuel sales or business dealings with associates.

    The business operated for only part of the year

    If you carried on a business for only part of the income year, your turnover is worked out using a reasonable estimate of what the turnover would have been if you had carried on the business for the whole of the income year. This includes winding up the business.

    Last modified: 27 Apr 2010QC 21791