Youth Allowance Fact Sheet

Written by Karen Bollinger of YBM

Youth Allowance for Students

Who can get it?

You must be one of the following:

  • 18 to 24 and studying full time
  • 16 to 17, studying full time and either independent or needing to live away from home to study
  • 16 to 17, studying full time and have completed year 12 or equivalent
  • 16 to 24 and doing a full time Australian Apprenticeship

Who is independent?

  • If you are 22 or older
  • You have worked full time (average of 30 hours per week) for at least 18 months within any 2 year period.
  • Rural and remote students (parental income limit applies) need to have either:
  • Earned 75% or more of the National Training Wage Schedule (currently $26,550) in any 14 month period
  • Worked at least 15 hours a week for at least 2 years, not including hours worked while still at school.

Parental income limit

Parents combined income can be $160,000 per year.

There is also an extra $10,000 added for each of the eligible siblings.

Eligible siblings are those under 22 years unless:

  • They are living away from home and are, or have been, a member of a couple
  • They are living away from home and have, or have had, a dependent child
  • They are receiving Youth Allowance or Disability Support Pension as an independent person
  • They are in state care.

The Parental income can be calculated in any of the following financial years:

  • Before you take a gap year
  • The year of your gap year
  • The year following your gap year.

 

Orange
02 6362 1533
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Molong
02 6366 8049
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www.ybm.com.au

Yates Baker McLean. Accountants and Business Advisors situated in the Central West of NSW.
Offering comprehensive advice for all your financial needs including tax, auditing, business advisory, self managed super funds, specialised industry experience and financial planning.

 

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