Student Assistance Act 1973

A person’s repayment income for an income year is an amount equal to the sum of:

the person’s taxable income for the income year, disregarding the person’s assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997) for the income year; and

the person’s total net investment loss (within the meaning of the Income Tax Assessment Act 1997) for the income year; and

if the person:

is an employee (within the meaning of the Fringe Benefits Tax Assessment Act 1986); and

has a reportable fringe benefits total (within the meaning of that Act) for the income year;

the person’s exempt foreign income for the income year; and

the person’s reportable superannuation contributions (within the meaning of the Income Tax Assessment Act 1997) for the income year.

The person’s exempt foreign income is the total amount (if any) by which the person’s income that is exempt from tax under section 23AF or 23AG of the Income Tax Assessment Act 1936 exceeds the total amount of losses and outgoings that the person incurs in deriving that exempt income.

For the purposes of subsection (4), disregard any capital losses and outgoings.