47BAssessed worldwide income

47B Assessed worldwide income

(1) A person’s assessed worldwide income for an income year is an amount equal to the sum of: (a) the person’s repayment income for the income year; and (b) the person’s foreign‑sourced income for the income year, converted into Australian currency. (2) The rules may provide for how to work out a person’s foreign‑sourced income for an income year, including how to convert it into Australian currency. (3) Without limiting subsection (2), the rules may provide for a person’s foreign‑sourced income for an income year to be worked out in relation to a period that does not correspond to that income year.