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

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.

1. Commencement

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

1. 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.