Commonwealth Consolidated Regulations

STUDENT ASSISTANCE REGULATIONS 2021 - REG 27

Scope

  (1)   This section applies if:

  (a)   an estimate or statement of the amount of income (however defined or described) of the AIC payee, or a partner of the AIC payee, has been given to Services Australia for purposes relating to the amount mentioned in section   22; and

  (b)   the income is income for the either of the following income years:

  (i)   the current tax year in relation to the amount mentioned in section   22;

  (ii)   the base tax year in relation to that amount.

  (2)   However, if more than one estimate or statement of the amount of income of the AIC payee or partner for the income year has been given to Services Australia for those purposes, this section applies only in relation to the latest estimate or statement.

Event

  (3)   The event of the AIC payee becoming aware that the amount of income of the AIC payee or partner for the income year exceeded, or will exceed, the estimated or stated amount by at least 25% is prescribed.