21The overseas assessed method

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.