Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p2
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 2/9)
Character Range: 202560–205086

before the current year, the number of those income years in which the entity carried on a business.
Note: An entity is treated as carrying on a business if it is winding up a business and it was previously a small business taxpayer: see subsection (11).
sum of relevant group turnovers is the sum of:
 (a) the entity's group turnover for the current year; and
 (b) the entity's group turnover (if any) for the 2 preceding income years.

Meaning of group turnover
 (9) The group turnover of an entity (the primary entity) for an income year is the sum of:
 (a) the value of the business supplies the primary entity made in the income year; and
 (b) the value of the business supplies entities connected with the primary entity made in the income year;
reduced by:
 (c) that part of the value of the business supplies the primary entity made in the income year that is attributable to supplies it made during the year to entities connected with it when they were connected with it; and
 (d) that part of the value of the business supplies entities connected with the primary entity made in the income year that is attributable to supplies the connected entities made during the year to the primary entity when they were connected with it; and
 (e) that part of the value of the business supplies another entity made in the income year that is attributable to supplies the other entity made to a third entity at a time when both the other entity and third entity were connected with the primary entity.

Value of business supplies
 (10) The value of the business supplies an entity makes in an income year is the sum of:
 (a) for taxable supplies (if any) the entity makes during the year in the course of carrying on a business—the value (as defined by section 9‑75 of the GST Act) of the supplies; and
 (b) for other supplies the entity makes during the year in the course of carrying on a business—the prices (as defined by section 9‑75 of the GST Act) of the supplies.

Winding up a business
 (11) Subsections (7) and (8) apply to an entity as if it carried on a business in an income year if:
 (a) in that year the entity was winding up a business it previously carried on; and
 (b) the entity was a small business taxpayer for the income year in which it stopped carrying on that business.

40‑345  Balancing adjustments for depreciating assets that retain CGT indexation
 (1) The amount included in your assessable income under subsection 40‑285(1) or 104‑240(1) of the new Act as a result of a balancing adjustment event