Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An entity's annual turnover for an income year is the total * ordinary income that the entity * derives in the income year in the ordinary course of carrying on a * business.
Exclusion of amounts relating to GST
(2) In working out an entity's * annual turnover for an income year, do not include any amount that is * non - assessable non - exempt income under section 17 - 5 (which is about GST).
Exclusion of amounts derived from sales of retail fuel
(3) In working out an entity's * annual turnover for an income year, do not include any amounts of * ordinary income the entity * derives from sales of * retail fuel.
Amounts derived from dealings with associates
(4) In working out an entity's * annual turnover for an income year, the amount of * ordinary income the entity * derives from any dealing with an * associate of the entity is the amount of ordinary income the entity would derive from the dealing if it were at * arm's length.
Note: Amounts derived in an income year from any dealings between an entity and an associate that is a relevant entity within the meaning of section 328 - 115 are not included in the entity's aggregated turnover for that year: see subsection 328 - 115(3).
Business carried on for part of income year only
(5) If an entity does not carry on a * business for the whole of an income year, the entity's * annual turnover for the income year must be worked out using a reasonable estimate of what the entity's annual turnover for the income year would be if the entity carried on a business for the whole of the income year.
Regulations may provide for different calculation of annual turnover
(6) The regulations may provide that an entity's * annual
turnover for an income year is to be calculated in a different way, but only
so that it would be less than the amount worked out under this section.