Income Bank helps you keep more of your student payment

16 December 2019

If you’re studying and working, or thinking about working, you should know about Income Bank.

If you’re working over the summer before going back to study next year, you should know about Income Bank. You can use Income Bank to keep more of your student payment while you’re working.

Income Bank is an automatic part of your Centrelink online account. You have one if you get one of the following:

Income Bank lets you earn credits when your income is less than $437 a fortnight. You can use these credits to offset income you earn above that amount in a fortnight.

When you earn more than $437 a fortnight, your Income Bank credits will reduce. It goes down by 1 credit for every $1 you earn over the $437.

This could be good if you put work on hold while you were madly studying for exams. If you haven’t earnt any income for a while, your Income Bank credits can build up as high as 10,900. If you’re an Australian Apprentice, your Income Bank credits can be as high as 1,000.

This can help you if you only work during the holidays. Or if the hours you work change each week. It means your payment won’t reduce as soon as you earn a bit extra. We won’t reduce your payment until you have 0 Income Bank credits and you earn more than $437 a fortnight.

You can check your Income Bank balance in the Express Plus Centrelink mobile app under My Finances.

You can also check your balance in your Centrelink online account under Employment income. You’ll see it as long as you’ve told us you’re working.

If you haven’t had a job until now, let us know that you need to start reporting income. That way you’ll see your Income Bank. You can go online to report your employment income and tell us who you’re working for.

Remember, you need to report your income each fortnight. And you need to let us know within 14 days if your job or hours change. You can do this in your Centrelink online account through myGov. You can also use the Express Plus Centrelink mobile app.

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Page last updated: 17 December 2019