12DNotices relating to income (including foreign‑sourced income)

12D Notices relating to income (including foreign‑sourced income)

(1) A notice under subsection 23ED(3) of the Act relating to a person’s income for an income year must contain: (a) the person’s name; and (b) the person’s date of birth; and (c) the person’s country of residence; and (d) the person’s occupation; and (e) the amount of the person’s income (including foreign‑sourced income) for the income year; and (f) the method used to work out that foreign‑sourced income; and (g) if the overseas assessed method was used—the person’s identification number used for tax purposes by the taxation authority of a foreign country that made the assessment of the person’s income.

Note: The Overseas Debtors Repayment Guidelines provides for how to work out a person’s foreign‑sourced income for an income year, including the overseas assessed method. It also provides how to convert a person’s foreign‑sourced income into Australian currency.

(2) However, paragraphs (1)(d) to (g) do not apply if: (a) the person’s income (including foreign‑sourced income) for the income year does not exceed 25% of the minimum repayment income for the income year; and (b) the notice includes a declaration to that effect.

Note: Minimum repayment income is defined in section 6 of the Act.