Income Tax Assessment Act 1997

Subdiv 960-Q repealed by No 80 of 2007 , s 3 and Sch 8 item 2, applicable in relation to the 2007-08 income year and later income years.

Subdiv 960-Q inserted by No 164 of 1999.

S 960-340 repealed by No 80 of 2007 , s 3 and Sch 8 item 2, applicable in relation to the 2007-08 income year and later income years. S 960-340 formerly read:

SECTION 960-340 Meaning of average turnover  
960-340
Your average turnover for an income year (the current year ) is:

Sum of relevant group turnovers   Number of averaging years

where:

number of averaging years
is:

(a) 3; or

(b) if you did not carry on a *business in each of the current year and the 2 years before the current year, the number of those income years in which you carried on a business.

Note:

You are treated as carrying on a business if you are winding up a business and you were previously a small business taxpayer: see section 960-355 .

sum of relevant group turnovers
is the sum of:

(a) your *group turnover for the current year; and

(b) your group turnover (if any) for the 2 preceding income years.

S 960-340 inserted by No 164 of 1999.