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

Last updated 8 September 2021

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.

Step 2 worksheet

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.

Step 3 worksheet

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.

Step 4 worksheet

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:

Step 1 worksheet

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.

Step 4 worksheet

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 × (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 × (B from part B) = $            (D)

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

QC89672