Document ID: chunk:federal_register_of_legislation:C2006A00047:clause:2_12zl
Version: federal_register_of_legislation:C2006A00047
Segment Type: clause
Provision Reference: sch 2 cl 12ZL
Character Range: 20199–21627

12ZL  Repayment income

 (1) A person's repayment income for an income year is an amount equal to the sum of:
 (a) the person's taxable income for the income year; and
 (b) if a person has a rental property loss for the income year—the amount of that rental property loss; and
 (c) if the person:
 (i) is an employee (within the meaning of the Fringe Benefits Tax Assessment Act 1986); and
 (ii) has a reportable fringe benefits total (within the meaning of that Act) for the income year;
  the reportable fringe benefits total for the income year; and
 (d) if the person has exempt foreign income for the income year—the amount of that exempt foreign income.

 (2) The person's rental property loss is the amount (if any) by which the amount of the person's allowable deductions under the Income Tax Assessment Act 1997 in respect of rental property in Australia exceeds the person's gross rental property income.

 (3) For the purposes of subsection (2), disregard any rental property income that the person derives as a member of a partnership.

 (4) The person's exempt foreign income is the total amount (if any) by which the person's income that is exempt from tax under section 23AF or 23AG of the Income Tax Assessment Act 1936 exceeds the total amount of losses and outgoings that the person incurs in deriving that exempt income.

 (5) For the purposes of subsection (4), disregard any capital losses and outgoings.