Private ruling: Aggregated turnover
Date of advice: 21 June 2024
Published: 5 August 2024
Ruling period: 1 July 2022 to 30 June 2023

Ruling: Q1: 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)? | A1: No.

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: Summary: 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.