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

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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:
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:
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:
Gross turnover of the partnership (a – b – c + d)

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:
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).
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).
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)

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)	=	D $
				Use this amount to fill in step 5 of part B of worksheet 2

Last modified: 26 May 2016QC 48087