Document ID: chunk:federal_register_of_legislation:C2024C00866:section:118zza:p3
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 118ZZA (pt 3/4)
Character Range: 1566314–1568992

Act 1991 except that references in that Part to the Minister and to the Secretary are to be taken to be references to the Minister for Veterans' Affairs and to the Secretary of the Department of Veterans' Affairs, respectively.

Target foreign income
        118ZZA‑6(1)  In this Division:
foreign income, in relation to a person, means:
 (a) an income amount earned, derived or received by the person from a source outside Australia for the person's own use or benefit; or
 (b) a periodical payment by way of gift or allowance from a source outside Australia; or
 (c) a periodical benefit by way of gift or allowance from a source outside Australia.
target foreign income means foreign income that is not:
 (a) taxable income; or
 (b) received in the form of a fringe benefit.
 (2) For the purposes of this Division, a person's target foreign income for a particular tax year is the person's accepted estimate of the amount of that income for that year.

Total net investment loss
        118ZZA‑7  For the purposes of this Division, a person's total net investment loss for a particular tax year is the person's accepted estimate of the amount of that loss for that year.

Accepted estimate
        118ZZA‑8  For the purposes of this Division, a person's accepted estimate of an income component for a particular tax year is that income component according to the most recent notice given by the person to the Secretary under point 118ZZA‑9 and accepted by the Commission for the purposes of this Part.

Notice estimating income component

        118ZZA‑9(1)  A person may give the Secretary a notice, in a form approved by the Commission, setting out the person's estimate of an income component of the person for a tax year.

 (2) The notice is to contain, or be accompanied by, such information as is required by the form to be contained in it or to accompany it, as the case may be.

 (3) The Commission is to accept a notice only if the Commission is satisfied that the estimate is reasonable.

Adjusted taxable income of members of couples
        118ZZA‑10  If a person is a member of a couple, add the couple's adjusted taxable incomes for the reference tax year and divide by 2 to work out the amount of the person's adjusted taxable income for the reference tax year.

Deemed income amount
 118ZZA‑10A  This is how to work out the person's deemed income amount under this point:

      Method statement
           Step 1. Work out the total value of all of the person's long‑term financial assets (see point 118ZZA‑12) at the test time.
           Step 2. Work out under section 46D the amount of ordinary income the person would be taken to receive per year on