Document ID: chunk:federal_register_of_legislation:F2018C00470:body:0:p2
Version: federal_register_of_legislation:F2018C00470
Segment Type: other
Provision Reference: 
Character Range: 2980–6086

accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1                          Column 2                                      Column 3
Provisions                        Commencement                                  Date/Details
1.  The whole of this instrument  The day after this instrument is registered.

            Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

        (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

       3  Authority

         This instrument is made under the Higher Education Support Act 2003.

       4  Definitions

            Note: A number of expressions used in this instrument are defined in the Act.

        (1) In this instrument:

       Act means the Higher Education Support Act 2003.
ATO Occupation Code means the Salary and wage occupation codes 2018 published by the Australian Taxation Office in June 2018.
Note: In 2018, the Salary and wage occupation codes 2018 was available at www.ato.gov.au.

       foreign currency means a currency other than Australian currency.

        (2) An expression used in this instrument that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.

       Part 2—Foreign‑sourced income

       5  Purpose

         This Part sets out how to work out a person's foreign‑sourced income for the 2016‑17 income year and later income years.

            Note: Foreign‑sourced income is relevant to working out the person's assessed worldwide income for section 154‑17 of the Act.

       6  The 3 methods for working out a person's foreign‑sourced income

        (1) The following are the methods for working out a person's foreign‑sourced income for an income year:
           (a) the simple self‑assessment method (see section 7);
           (b) the overseas assessed method (see section 8);
           (c) the comprehensive tax‑based assessment method (see section 9).

            Note: Subsection 8(2) restricts when the overseas assessed method can be used.

        (2) The method to be used to work out the person's foreign‑sourced income for the income year is the method that the person chooses, as stated in the notice given to the Commissioner under subsection 154‑18(3) of the Act, relating to the person's income for the income year.

        (3) However, if the person does not choose one of the methods in that notice, the simple self‑assessment method (see section 7) may be used to work out the person's foreign‑sourced income for the income year.

        (4) The person cannot choose more than one of the methods for the same income year.

       7  The simple self‑assessment method

        (1) Under the simple self‑assessment method, the person's foreign‑sourced income for the income year is an amount equal