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Edited version of private advice
Authorisation Number: 1052252817268
Date of advice: 21 June 2024
Ruling
Subject: Aggregated turnover
Question
Will the 'annual turnover' of Shareholder A be included in the 'aggregated turnover' of Company B under section 328-115 of the Income Tax Assessment Act 1997 (ITAA 1997)?
Answer
No.
This ruling applies for the following period:
1 July 2022 to 30 June 2023
Relevant facts and circumstances
Company B is a company incorporated in Australia.
Shareholder A (together with its affiliates) owned ordinary shares and other interests in Company B.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 328-115
Income Tax Assessment Act 1997 subsection 328-125(2)
Reasons for decision
The annual turnover of Shareholder A will not be included in the aggregated turnover of Company B under section 328-115 of the ITAA 1997 because none of the conditions of subsection 328-125(2) of the ITAA 1997 were satisfied.