sec.9Meaning of turnover

sec.9 Meaning of turnover

Turnover of a business carried on in a leased shop is the gross sales of the business for any particular period. However, turnover of a business carried on in a leased shop does not include the following amounts— the net amount of discounts reasonably and properly allowed to customers in the usual course of business; losses incurred in the resale or disposal of goods reasonably and properly purchased from customers as trade-ins in the usual course of business; amounts of uncollected credit accounts written off by the lessee; cash or credit refunds allowed on sales that have previously been included as gross receipts if the goods sold are returned and the sales cancelled; fees for services refunded in whole or part if the fees have previously been included as gross receipts; amounts of instalments refunded to customers for cancelled lay-by transactions; taxes, including GST, imposed on the purchase price or cost of hire of goods or services at the point of sale or hire; delivery charges; the value of goods exchanged between 2 or more of the lessee’s shops if the exchange is made solely for the convenient conduct of the lessee’s business and not for concluding a sale made at or from the leased shop; the value of goods returned to shippers, wholesalers or manufacturers; amounts received from the sale of the lessee’s fixtures and fittings from the leased shop; amounts received from sales made on a commission basis (other than commission on the sales). lottery sales, postage stamp sales, public transport ticket sales, telephone card sales s 9 amd 2000 No. 19 s 6 ; 2006 No. 4 s 6 (sec.9-ssec.1) Turnover of a business carried on in a leased shop is the gross sales of the business for any particular period. (sec.9-ssec.2) However, turnover of a business carried on in a leased shop does not include the following amounts— the net amount of discounts reasonably and properly allowed to customers in the usual course of business; losses incurred in the resale or disposal of goods reasonably and properly purchased from customers as trade-ins in the usual course of business; amounts of uncollected credit accounts written off by the lessee; cash or credit refunds allowed on sales that have previously been included as gross receipts if the goods sold are returned and the sales cancelled; fees for services refunded in whole or part if the fees have previously been included as gross receipts; amounts of instalments refunded to customers for cancelled lay-by transactions; taxes, including GST, imposed on the purchase price or cost of hire of goods or services at the point of sale or hire; delivery charges; the value of goods exchanged between 2 or more of the lessee’s shops if the exchange is made solely for the convenient conduct of the lessee’s business and not for concluding a sale made at or from the leased shop; the value of goods returned to shippers, wholesalers or manufacturers; amounts received from the sale of the lessee’s fixtures and fittings from the leased shop; amounts received from sales made on a commission basis (other than commission on the sales). lottery sales, postage stamp sales, public transport ticket sales, telephone card sales