Document ID: chunk:federal_register_of_legislation:F2024C00296:reg:14
Version: federal_register_of_legislation:F2024C00296
Segment Type: reg
Provision Reference: reg 14
Character Range: 17301–19724

14  Income requirement for an individual

    (1) An individual who gives an assurance of support must meet the income requirement specified in section 15 (in respect of a single assurer) or section 16 (in respect of a joint individual assurer).

    (2) Subject to subsection (5), the income requirement is about providing evidence acceptable to the Secretary about the individual's assessable income for:
         (a) if:
                  (i) the person does not have current available evidence of assessable income for the first financial year; or
                  (ii) the person's assessable income for the first financial year was reduced due to a temporary change in the person's circumstances;
         ‑ the current financial year, and the second financial year; and
         (b) otherwise – the current financial year and the first financial year.

    (3) For the current financial year, the individual must provide evidence about his or her assessable income for the part of the financial year up to the date on which the assurance is given, which may include the following:
         (a) a document showing the individual's gross income and period of service or employment, such as a payslip, group certificate, letter from the person's employer, or contract for service or employment;
         (b) a financial statement or other business record showing the individual's gross and net business income for a specified period;
         (c) documents showing payments of the kind mentioned in paragraphs (b) to (e) of the definition of assessable income in subsection 5(1) that have been paid to the individual in the current financial year.

    (4) For each of the first and second financial years, the individual must provide the following evidence:
         (a) a notice of assessment issued in relation to the individual and the year;
         (b) if the notice of assessment does not disclose sufficient income to satisfy the income requirement in subsection 15(2) or subsection 16(2) — documents showing payments of the kind mentioned in paragraphs (b) to (e) of the definition of assessable income in subsection 5(1) that have been paid to the individual in that financial year.

    (5) If an individual's assessable income for a financial year exceeds the amount required by subsection 15(2) or 16(2) (the relevant amount), he or she need only provide evidence of the relevant amount of that income.