1.1.M.20 Maintenance income credit (MIC)

Definition

A maintenance income credit is a balance of unused amounts of MIFA (1.1.M.21) from previous income years. When an individual who is entitled to FTB receives arrears of maintenance income (1.1.M.10), the balance is drawn upon to reduce the amount of arrears counted under the maintenance income test.

Act reference: FAAct Schedule 1 clause 24A Maintenance income credit balances

Policy reference: FA Guide 3.1.7.05 Maintenance income credit

Last reviewed: 21 September 2020