Document ID: chunk:federal_register_of_legislation:C2010C00584:clause:1_5:p4
Version: federal_register_of_legislation:C2010C00584
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 4/4)
Character Range: 20239–21548

*STS group turnover for the year is more than $50,000, work out the fraction (the STS phase‑out fraction) using the formula:

            The amount of your *tax offset is worked out using the formula:

61‑525  Meaning of net STS income and STS annual turnover

Net STS income

 (1) An entity's net STS income for an income year is the amount by which the entity's *STS annual turnover for the year is more than the sum of the entity's deductions attributable to that turnover.

STS annual turnover

 (2) An entity's STS annual turnover for an income year is the sum of the *value of the business supplies the entity made in the year.

 (3) 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 annual turnover.

 (4) 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.