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  • Step 4 - Add back net gains



    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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    The amounts that were excluded under step 3 are brought back into gross turnover as net amounts. There are three separate net amounts:

    • the net gain from the disposal of commodity investments
    • the net gain from currency exchange rate fluctuations
    • the net gain from the disposal of other assets that are not trading stock or commodity investments.

    In each case, to determine the net gain, the sum of the individual gains is reduced by the sum of the losses. If there is a net loss, the amount is ignored - it does not reduce the gross turnover. It is important to note that there is a separate calculation of net gain for each of the categories. Do not take comparably taxed amounts into account.

    Consideration paid or received for asset disposals must be included at market value. Where an amount has been written down in the accounts, the write-down is to be ignored.

    Last modified: 05 Dec 2006QC 17522