Document ID: chunk:federal_register_of_legislation:C2025C00136:section:47b
Version: federal_register_of_legislation:C2025C00136
Segment Type: section
Provision Reference: s 47B
Character Range: 51456–52100

47B  Assessed worldwide income
 (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.
 (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.
 (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.