Worksheet 3: Working out amounts from partnerships to include in the tainted income ratio
Warning:
This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
End of attentionUse 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
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