19Income test for single and joint applicants

19  Income test for single and joint applicants

 (1) The income test is satisfied in relation to an applicant for an arrangement if:

 (a) in the case of an applicant, other than a single parent, who will be the only party to the arrangement—the single income threshold for the financial year in which the applicant applied for the arrangement is greater than or equal to the applicant’s taxable income for the most recent income year (within the meaning of the Income Tax Assessment Act 1936) for which the Commissioner of Taxation has given the applicant a notice of assessment; and

 (b) in the case of an applicant who is a single parent and who will be the only party to the arrangement—the joint income threshold for the financial year in which they applied for the arrangement is greater than or equal to the applicant’s taxable income for the most recent income year (within the meaning of the Income Tax Assessment Act 1936) for which the Commissioner of Taxation has given the applicant a notice of assessment; and

 (c) in the case of 2 applicants who will be party to the arrangement—the joint income threshold for the financial year in which both applicants applied for the arrangement is greater than or equal to the combined taxable incomes of the applicants, calculated using the taxable income for each of the applicant’s most recent income year (within the meaning of the Income Tax Assessment Act 1936) for which the Commissioner of Taxation has given that applicant a notice of assessment.