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