1.1.T.05 Target foreign income
For the purposes of FA, target foreign income includes foreign income as defined in the SSAct and tax exempt foreign income under Income Tax Assessment Act 1936 section 23AF and 23AG .
Foreign income includes:
- any income amount earned, derived or received from sources outside Australia (1.1.A.120) for the person's own use or benefit, or
- periodical payments or benefits by the way of gifts or allowances from a source outside Australia.
Tax exempt foreign income includes income that is exempt from tax under Income Tax Assessment Act 1936 section 23AF and 23AG and reduced (but not below nil) by the total amount of losses and outgoings (except capital losses and outgoings) incurred by the individual in deriving that exempt income.