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

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

Warning:

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

End of attention

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 is 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 $
Interest
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

$
(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

Last modified: 12 Sep 2016QC 19537