Federal Register of Legislation - Australian Government

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Determinations/Taxation as made
This instrument determines the occupations specified and the method for working out a person’s occupation standard deduction for an income year, under the Trade Support Loan Rules 2014.
Administered by: Education and Training
Registered 29 Jun 2017
Tabling HistoryDate
Tabled HR08-Aug-2017
Tabled Senate08-Aug-2017
Date of repeal 01 Jul 2018
Repealed by Trade Support Loans (Overseas Debtor Repayment) Amendment and Repeal Instrument 2018

 

 

Trade Support Loans (Occupation and Occupation Standard Deduction) Determination 2017

 

Trade Support Loans Act 2014

 

I, Simon Birmingham, Minister for Education and Training, make this Determination under subsection 47B(2) of the Trade Support Loans Act 2014 and subsection 16(6) of the Trade Support Loan Rules 2014.

 

 

 

Dated                       21 June 2017

 

 

 

 

 

 

 

 

                  

_____________________________

SIMON BIRMINGHAM

Minister for Education and Training


 

 

1              Name

 

This Determination is the Trade Support Loans (Occupation and Occupation Standard Deduction) Determination 2017.

 

2              Commencement

 

This Determination commences on the day after it is registered on the Federal Register of Legislation.

 

3              Authority

 

The Determination is made under subsection 47B(2) of the Trade Support Loans Act 2014 and subsection 16(6) of the Trade Support Loan Rules 2014.

 

4     Definitions

 

       In this Determination:

 

            Act means the Trade Support Loans Act 2014.

 

          Rules means the Trade Support Loan Rules 2014.

 

       ATO Occupation Code means the Australian Taxation Office’s publication Salary and wage occupation codes 2017 published in June 2017.

 

5     Occupations specified under subsection 16(6) of the Rules

 

       For the purposes of subsection 47B(2) of the Act and subsection 16(6) of the Rules, the specified occupations are the occupations listed in the ATO Occupation Code as in force on the date of commencement.

 

6     Method for working out a person’s occupation standard deduction under subsection 16(6) of the Rules

 

(1)   The calculation for the standard deduction for the person is worked out using data collected by the Australian Taxation Office. The standard deduction rate is the median ratio of work-related expenses to employment-related income calculated by the Australian Taxation Office for the occupation code selected from the ATO Occupation Code. Once the person chooses the most appropriate occupation listed in the ATO Occupation Code, the standard deduction rate is then applied against the gross income of the person.

 

(2)   If the person’s occupation is not listed in the ATO Occupation Code, the person may use a different method of assessing their foreign-sourced income (as specified in subparagraphs 16(1)(b) and (c) of the Rules) or select ‘Occupation not listed’. If the person selects ‘Occupation not listed’, this will provide a standard deduction rate of zero per cent.