Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.115

  (1)   Your aggregated turnover for an income year is the sum of the relevant annual turnovers (see subsection   (2)) excluding any amounts covered by subsection   (3).

Note:   For small business CGT relief purposes, additional entities may be treated as being connected with you or your affiliate under sections   152 - 48 and 152 - 78.

  (2)   The relevant annual turnovers are:

  (a)   your * annual turnover for the income year; and

  (b)   the annual turnover for the income year of any entity (a relevant entity ) that is * connected with you at any time during the income year; and

  (c)   the annual turnover for the income year of any entity (a relevant entity ) that is an * affiliate of yours at any time during the income year.

  (3)   Your aggregated turnover for an income year does not include the following amounts:

  (a)   amounts * derived in the income year by you or a relevant entity from dealings between you and the 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.