Document ID: chunk:federal_register_of_legislation:C2025C00140:clause:1_4:p65
Version: federal_register_of_legislation:C2025C00140
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 65/67)
Character Range: 447118–449816

*taxable income for the income year, disregarding the person's assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997) for the income year; and
 (b) the person's total net investment loss (within the meaning of the Income Tax Assessment Act 1997) for the income year; 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) the person's *exempt foreign income for the income year; and
 (e) the person's reportable superannuation contributions (within the meaning of the Income Tax Assessment Act 1997) for the income year.
 (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.

154‑10  Minimum repayment income
  The minimum repayment income for an *income year is:
 (a) for the 2019‑20 income year—$45,880; or
 (b) for a later income year—that amount as indexed under section 154‑25.

154‑15  Repayable debt for an income year
 (1) A person's repayable debt for an *income year is:
 (a) the person's *accumulated HELP debt referred to in paragraph 154‑1(1)(b) in relation to that income year; or
 (b) if one or more amounts:
 (i) have been paid in reduction of that debt; or
 (ii) have been assessed under section 154‑35 to be payable in respect of that debt;
  the amount (if any) remaining after deducting from that debt the amount, or sum of the amounts, so paid or assessed to be payable.
 (2) A reference in paragraph (1)(b) to an amount assessed to be payable is, if the amount has been increased or reduced by an amendment of the relevant assessment, a reference to the increased amount or the reduced amount.

Subdivision 154‑AA—Liability of overseas debtors to repay amounts

154‑16  Liability of overseas debtors to repay amounts
  If:
 (a) a person is a *foreign resident during an *income year; and
 (b) the person's *assessed worldwide income for the income year exceeds the *minimum repayment income for the income year; and
 (c) on 1 June immediately preceding the making of an assessment in respect of the person's income of that income year, the person had an *accumulated HELP debt;
the person is liable to pay to the Commonwealth, in accordance with this Division, a levy of the amount worked