Document ID: chunk:federal_register_of_legislation:C2010C00262:clause:1_1:p3
Version: federal_register_of_legislation:C2010C00262
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 3/5)
Character Range: 7256–9918

relevant entity while the relevant entity is *connected with you or is your *affiliate;
 (b) amounts derived in the income year by a relevant entity from dealings between the relevant entity and another relevant entity while each relevant entity is connected with you or is your affiliate;
 (c) amounts derived in the income year by a relevant entity while the relevant entity is not connected with you and is not your affiliate.

328‑120  Meaning of annual turnover

General rule

 (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.

328‑125  Meaning of connected with an entity

 (1) An entity is connected with another entity if:
 (a) either entity controls the other entity in a way described in this section; or
 (b) both entities are controlled in a way described in this section by the same third entity.

Direct control of an entity other than a discretionary trust