Trade Support Loans Act 2014

CHAPTER 3 - Loan repayments  

PART 3.2 - DISCHARGING DEBTS  

Division 4 - Compulsory discharge  

Subdivision AA - Liability of overseas debtors to repay amounts  

SECTION 47B   ASSESSED WORLDWIDE INCOME  

47B(1)  
A person ' s assessed worldwide income for an income year is an amount equal to the sum of:


(a) the person ' s repayment income for the income year; and


(b) the person ' s foreign-sourced income for the income year, converted into Australian currency.

47B(2)  
The rules may provide for how to work out a person ' s foreign-sourced income for an income year, including how to convert it into Australian currency.

47B(3)  
Without limiting subsection (2), the rules may provide for a person ' s foreign-sourced income for an income year to be worked out in relation to a period that does not correspond to that income year.




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