Document ID: chunk:federal_register_of_legislation:F2024C01285:reg:29e
Version: federal_register_of_legislation:F2024C01285
Segment Type: reg
Provision Reference: reg 29E
Character Range: 92738–93346

29E  Income test
  A person satisfies the income test at the time of entering into a loan agreement if:
 (a) where there is more than one borrower under the loan agreement—the combined taxable income (within the meaning of the Income Tax Assessment Act 1997) of the borrowers in the preceding income year did not exceed $200,000; or
 (b) otherwise—the taxable income of the person (within the meaning of the Income Tax Assessment Act 1997) in the preceding income year did not exceed $125,000.
Note: Under paragraph 29C(2)(b), an eligible loan may not have more than two borrowers under the loan agreement.