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Worksheet 3: Working out amounts from partnerships to include in the tainted income ratio

Last updated 3 June 2015

Use a separate worksheet for each partnership. All amounts are to be in the currency in which the accounts of the partnership are kept. Do not convert to Australian dollars.

Part A Working out the partnership’s gross turnover

Step 1

Work out the partnership’s gross revenue as shown in the partnership’s accounts

a $______________

Step 2

Work out the following amounts included in a.

Do not include these amounts in the ratio.

Category of gross revenue

Amount $

Amounts already assessed to the CFC in Australia

$______________

Amounts derived through a branch in a listed country that are not EDCI in relation to any listed country and are subject to tax in a listed country

$______________

Non-portfolio dividends from a foreign company

$______________

Dividends out of profits previously attributed

$______________

Franked dividends

$______________

Trust amounts

$______________

Total:

b $______________

Step 3

Work out the following gross amounts included in a.

Do not count amounts already excluded under step 2. The net amounts are added back at step 4.

Category of gross revenue

Amount $

Revenue from commodity contracts

$______________

Revenue from exchange gains

$______________

Revenue from other asset disposals

$______________

Total:

c $______________

Step 4

Work out net gains included in gross turnover.

Do not count amounts that fall into the categories in step 2.

Category of net gain

Amount $

Net commodity gain

$______________

Net exchange gain

$______________

Net gain from other asset disposals

$______________

Total:

d $______________

Gross turnover of the partnership (a – b – c + d)

A $______________

Part B Working out the partnership’s gross tainted turnover

Step 1

Work out the partnership’s gross revenue that is passive income after exclusions (item a from part A less items b and c from part A) that falls into the following categories of passive income:

Category of passive income

Amount $

Tainted interest income

$______________

Annuities

$______________

Tainted royalty income

$______________

Tainted rental income

$______________

Dividends

$______________

Other passive income

$______________

Total:

a $______________

Step 2

Work out the partnership’s gross revenue that is tainted sales income after exclusions (item a from part A less items b and c from part A).

b $______________

Step 3

Work out the partnership’s gross revenue that is tainted services income after exclusions (item a from part A less items b and c from part A).

c $______________

Step 4

Work out the partnership’s net gains included in gross turnover that are tainted income.

Category

Amount $

Net commodity gain (from part A)

$______________

Net tainted commodity gain

$______________

Smaller amount

$______________

Net exchange gain (from part A)

$______________

Net tainted exchange gain

$______________

Smaller amount

$______________

Net gain from assets (from part A)

$______________

Net gain from tainted assets

$______________

Smaller amount

$______________

Total smaller amounts:

d $______________

Gross tainted turnover of the partnership (a + b + c + d)

B $______________

Part C CFC’s share of the gross turnover and the gross tainted turnover

CFC’s percentage interest in the net income of the partnership:

                        %

CFC’s share of the gross turnover of the partnership:

Percentage interest in net income from above

x

$                           
(A from part A)

=

C  $                           

 

 

 

 

Use this amount to fill in step 5 of part A of worksheet 2

CFC’s share of the gross tainted turnover of the partnership:

Percentage interest in net income from above

x

$                           
(B from part B)

=

 $                           

 

 

 

 

Use this amount to fill in step 5 of part B of worksheet 2

QC44160