You can use Income Bank if you:
- are a full time student or student with a study load concession
- participate in full time training
- are a full time Australian Apprentice
As an Australian Apprentice, full time student or a student with a study load concession, you can earn up to $427 a fortnight before your income support payment is reduced.
If you earn less income than this amount, the difference between the $427 limit and your income is automatically added to the Income Bank.
For example, if you earn $350 in a fortnight, you will accrue $77 in your Income Bank. That means, in the following payment period you can earn $504 before your payment is reduced.
The maximum amount you can accumulate in your Income Bank is $10,600 if you are a student or $1,000 if you are an Australian Apprentice. The student Income Bank is indexed to the consumer price index on 1 January each year.
If you transfer to another payment such as Youth Allowance as a job seeker or Newstart Allowance, in most situations your income bank credits will automatically transfer over to working credits.
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