19Working out a person’s foreign-sourced income

19 Working out a person’s foreign-sourced income

(1) For the purposes of subsection 47B(2) of the Act, one of the following methods may be used to work out a person’s foreign-sourced income for an income year: (a) the simple self-assessment method (see section 20); (b) the overseas assessed method (see section 21); (c) the comprehensive tax-based method (see section 22).

Note: Subsection 21(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 an income year is the method that the person chooses, as stated in the notice given to the Commissioner under subsection 47C(3) of the Act, relating to the person’s income for that income year. (3) Only one of the methods in subsection (1) may be used for an income year. (4) If, in a notice given under subsection 47C(3) of the Act, the person does not state a method that should be used for an income year, then the simple self-assessment method may be used to work out the person’s foreign-sourced income for that income year.