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You are a small business taxpayer if you carry on a business during the income year and your average turnover for that year is less than $1 million. Your average turnover for an income year is the average of your group turnovers for that year and the previous 2 years, if any. However, you can only average the years in which you carried on a business. For example, if you carried on a business for the current and previous year only, you would average only the sum of the group turnovers for those 2 years.
You are taken to be carrying on a business in an income year if you are winding up a business you formerly carried on and you were a small business taxpayer at the time that you stopped carrying on the business.
In working out group turnover for an income year, you must group your turnover with the turnover of each entity you control or are controlled by.
Last modified: 18 Jun 2002QC 27429