Document ID: chunk:federal_register_of_legislation:C2025C00162:section:6:p8
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 6 (pt 8/10)
Character Range: 1887296–1889975

this Module. This diagram sets out how to work out:
 (a) whether the person's ordinary income for a particular fortnight in respect of which austudy payment may be payable to the person, is to be reduced; and
 (b) if it is to be reduced, the amount of the reduction.

Income bank credit
 1067L‑E2 A person's income bank credit for a particular income bank fortnight of the person is to be worked out as follows:

      Method statement
           Step 1. Assume that the person's income bank credit, at the time this Module starts applying to the person, is an opening balance of zero.
           Step 2. If, for the person's first income bank fortnight, the person has an income credit under point 1067L‑E3, add it to the opening balance.
           Step 3. For each subsequent income bank fortnight of the person, up to but not including the fortnight in question, either:

                (a) if the person has an income credit for that fortnight under point 1067L‑E3 and the person is not a new apprentice—add it to the balance of the person's income bank credit in respect of all the previous fortnights, but not so as to increase the balance beyond $10,000; or
                (aa) if the person has an income credit for that fortnight under point 1067L‑E3 and the person is a new apprentice—add it to the balance of the person's income bank credit in respect of all the previous fortnights, but not so as to increase the balance beyond $1,000; or
                (b) if the person has, in respect of that fortnight, drawn from the person's income bank credit under point 1067L‑E4—deduct from that balance the amount drawn, but not so as to reduce the balance below zero.

            The result is the person's income bank credit for the fortnight in question.

Income credit
 1067L‑E3 For the purposes of point 1067L‑E2, if the amount that would, apart from this Module, be the person's ordinary income for an income bank fortnight of the person is less than the ordinary income free area (see point 1067L‑D28):
 (a) the person has an income credit for that fortnight; and
 (b) the income credit is an amount equal to the difference between the ordinary income free area (see point 1067L‑D28) and the first‑mentioned amount.

Drawing from income bank credit
 1067L‑E4 For the purposes of point 1067L‑E2, if the amount that would, apart from this Module, be the person's ordinary income for an income bank fortnight of the person is greater than the ordinary income free area (see point 1067L‑D28):
 (a) the person is taken to have drawn from the person's income bank credit in respect of that fortnight; and
 (b) the amount drawn is taken to be an amount equal to the