1.1.A.323 Australian Apprentice income bank (YA, Austudy)

Definition

For the purposes of YA and Austudy, the Australian Apprentice income bank is a bank which operates by saving any unused part of the recipient's fortnightly income free area as a credit (up to a maximum of $1,000), which is then available to offset against income/earnings in future fortnights.

Any credit in the income bank can be used to reduce the Australian Apprentice's assessable ordinary income (1.1.O.30) before applying the income test.

Act reference: SSAct section 1067G-J1 to section 1067G-J11 Student income bank (YA), section 1067L-E1 to section 1067L-E7 Student income bank (Austudy)

Last reviewed: 20 September 2017