Reporting aggregated turnover
The ATO has introduced a new label in Company, partnership, and trust returns for taxpayers to report their aggregated turnover range.
Where the aggregated turnover is $1 billion or more, then you'll need to disclose the taxpayer's actual aggregated turnover.
Who should report an aggregated turnover range?
a significant global entity,
- claiming small business concessions
- claiming instant asset write off
- claiming backing business investment
- claiming temporary full expensing
- claiming loss carryback; additionally, where the taxpayer has nominated 2020 as the loss year, they will be required to report the aggregated turnover for the 2020 year.
Section 328-115 of the Income Tax Assessment Act defines of aggregated turnover of a taxpayer (the sum of the relevant annual turnovers of the taxpayer, affiliate entities and entities connected with the taxpayer)
How to report?
Taxpayers will report their aggregated turnover by selecting their turnover range. Where the aggregated turnover is $1 billion or more, then the taxpayer will disclose their actual aggregated turnover.
Section 328-115 of the Income Tax Assessment Act defines of aggregated turnover of a taxpayer (the sum of the relevant annual turnovers of the taxpayer, affiliate entities and entities connected with the taxpayer)
Aggregated turnover range thresholds
Code | Aggregated annual turnover thresholds | Code | Aggregated annual turnover thresholds |
|---|---|---|---|
A | $0 to less than $7.5million | I | $300 million to less than $400 million |
B | $7.5 million to less than $10 million | J | $400 million to less than $500 million |
C | $10 million to less than $20 million | K | $500 million to less than $600 million |
D | $20 million to less than $40 million | L | $600 million to less than $700 million |
E | $40 million to less than $50 million | M | $700 million to less than $800 million |
F | $50 million to less than $100 million | N | $800 million to less than $900 million |
G | $100 million to less than $200 million | O | $900 million to less than $1 billion |
H | $200 million to less than $300 million | P | $1 billion or over |
Changes to returns types in MYOB Tax
Aggregated turnover is applicable to Company, Trust, and Partnership return types.
In MYOB tax, we've added the following new fields to the returns:
| Return type | New field |
|---|---|
| Company | Item 8 Financial. Label X and Y |
| Partnership | Item 48 Aggregated turnover (Partnership return) |
| Trust | Item 49 Aggregated turnover (Trust return) |