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

    Attention

    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

    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

      Last modified: 04 Jun 2015QC 44160