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

Last updated 1 August 2019

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 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 $

 

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:

 $                         

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)

=

 $                           

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

QC28180