The Guides to Social Policy Law is a collection of publications designed to assist decision makers administering social policy law. The information contained in this publication is intended only as a guide to relevant legislation/policy. The information is accurate as at the date listed at the bottom of the page, but may be subject to change. To discuss individual circumstances please contact Services Australia.

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: 21 March 2022

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