Document ID: chunk:federal_register_of_legislation:C2004A00846:clause:1_1:p18
Version: federal_register_of_legislation:C2004A00846
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 18/21)
Character Range: 42534–45102

been $190,000, making a total of $390,000 for the year; and
                  *   his estimated turnover for the 2002‑03 year is $420,000, and the estimate for the 2003‑04 year is $450,000.

 The total STS turnover for the 3 years is $1,260,000, and the average for those years is $420,000. The value of Kevin's depreciating assets is $120,000. He is therefore eligible to be an STS taxpayer.

328‑375  Meaning of STS group turnover

 (1) Your STS group turnover for an income year is the sum of:
 (a) the *value of the business supplies you made in the income year; and
 (b) the value of the business supplies made in the income year by grouped entities while they were grouped with you;
reduced by:
 (c) the value of the business supplies you made in the income year to entities grouped with you while they were grouped with you; and
 (d) the value of the business supplies entities grouped with you made in the income year to you while you were grouped with them; and
 (e) the value of the business supplies another entity made in the income year to a third entity while the other entity and the third entity were grouped with you.

 (2) To the extent that the *taxable supplies an entity makes in an income year includes *gambling supplies, use an amount equal to 11 times the entity's *global GST amount for those supplies rather than the *value of the business supplies in working out the entity's *STS group turnover.

 (3) In working out the *value of the business supplies made by an entity, disregard:
 (a) any *supply made to the extent that the consideration for the supply is a payment or a supply by an insurer in settlement of a claim under an insurance policy; and
 (b) to the extent that a supply is constituted by a loan—any repayment of principal, and any obligation to repay principal.

 (4) The regulations may provide that *STS group turnover is to be calculated in a different way, but only so that it would be less than the amount worked out under this section.

328‑380  Grouped entities

 (1) The *value of the business supplies made in an income year by an entity is grouped with another entity's if:
 (a) either entity controls the other entity in the way described in this section; or
 (b) both entities are controlled in that way by the same third entity; or
 (c) the entities are *STS affiliates of each other.

 (2) This section applies to an entity that directly controls a second entity as if the first entity also controlled any other entity that is directly, or indirectly by any other application or applications of this section,