Document ID: chunk:federal_register_of_legislation:F2025C00165:reg:21
Version: federal_register_of_legislation:F2025C00165
Segment Type: reg
Provision Reference: reg 21
Character Range: 17870–18750

21  The overseas assessed method
 (1) Under the overseas assessed method, a person's foreign-sourced income for an income year is the amount that is equal to the person's income for taxation purposes according to the most recent assessment of that person's income, for a period of 12 months, by the taxation authority of a foreign country.
 (2) However, the overseas assessed method cannot be used to work out the person's foreign‑sourced income for an income year if:
 (a) the period to which the most recent assessment relates does not overlap with that income year; or
 (b) a taxation authority from a different foreign country has also made an assessment of the person's income for a period of 12 months which overlaps with that income year; or
 (c) the most recent assessment has already been used to work out the person's foreign-sourced income for a previous income year.