• Gross turnover

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

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    Broadly, the gross turnover of a CFC is the sum of the company's net gains and gross revenue. Work out the gross turnover using the following five steps:

    • identify the total gross revenue derived by the CFC
    • exclude certain comparably taxed amounts
    • exclude the proceeds of certain asset disposals
    • add back net gains arising from certain asset disposals
    • add the CFC's share of the gross turnover of each partnership in which it was a partner.

    The figures used are mainly drawn from the accounts of the CFC. If the accounts are prepared in a foreign currency, there is no need to convert the amounts to Australian dollars.

    Last modified: 05 Dec 2006QC 17522