Requirement to lodge a return for the year of income ended 30 June 2017 under the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Income Tax (Transitional Provisions) Act 1997, the Taxation Administration Act 1953, the Superannuation Industry (Supervision) Act 1993, the Higher Education Support Act 2003 and the Trade Support Loans Act 2014
Table LTable L
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Turn the raw legal text into a practical explanation grounded in Requirement to lodge a return for the year of income ended 30 June 2017 under the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Income Tax (Transitional Provisions) Act 1997, the Taxation Administration Act 1953, the Superannuation Industry (Supervision) Act 1993, the Higher Education Support Act 2003 and the Trade Support Loans Act 2014.
Table L
Every trustee of a trust estate not covered by Tables N, O, P or R that derived income (including capital gains) during the income year. The return is required to be lodged by the trustee resident in Australia. If there is no trustee resident in Australia, the return is to be lodged by the trust’s public officer or, where no public officer is appointed, by the trust’s agent in Australia.
Note:
The trustee of an AMIT to which this table applies is required to lodge an Attribution managed investment trust tax return 2017. Other trustees to which this table applies are required to lodge the Trust tax return 2017.
Table M
Any person who was a foreign resident (within the meaning of subsection 995-1(1) of the Income Tax Assessment Act 1997) during the year of income, and:
a) on 1 June immediately preceding the year of income had an accumulated HELP debt (within the meaning of section 140-25 of the Higher Education Support Act 2003); and
b) whose income was more than $13,717 for the year of income (see paragraph 14(2)(a) of the Overseas Debtors Repayment Guidelines 2017). This income is the sum of the person’s repayment income within the meaning of section 154-5 of the Higher Education Support Act 2003 and any foreign-sourced income; or
2. Any person who was a foreign resident (within the meaning of subsection 995-1(1) of the Income Tax Assessment Act 1997) during the year of income, and:
a) on 1 June immediately preceding the year of income had an accumulated TSL debt (within the meaning of section 35 of the Trade Support Loans Act 2014); and
b) whose income was more than the $13,717 for the year of income (see paragraph 17(5)(a) of the Trade Support Loan Rules 2014). This income is the sum of the person’s repayment income within the meaning of section 5 of Trade Support Loans Act 2014 and section 154\-5 of the Higher Education Support Act 2003 and any foreign-sourced income.
Note:
A person under Table M is also required to lodge a notice relating to the person’s foreign sourced income (see subsection 154-18(3) of the Higher Education Support Act 2003 and/or subsection 47C(3) of the Trade Support Loans Act 2014).
Exceptions to the requirement to lodge an income tax return under this instrument
A person described in Tables C, D, E, or L is not required to lodge an income tax return under this legislative instrument if they are described in Table N. (See the Note after Table N).
A person described in Tables O, P or R is not required to lodge an income tax return.
A person described in Table Q is not required to lodge a partnership tax return.