33Prescribed earnings

33 Prescribed earnings

(1) For the purposes of this Act, the amount of the prescribed earnings of a sole applicant or of joint applicants is: (a) in the case of a sole applicant—the amount of the taxable income of the applicant for the relevant year of income; or (b) in the case of joint applicants—subject to subsection (2), the sum of the amounts of the taxable income of each applicant for the relevant year of income in relation to that applicant. (2) Where: (a) an application is made by joint applicants; and (b) the relevant year of income is not the same year of income in relation to both or all of the applicants; the amount of the prescribed earnings of the applicants is the sum referred to in paragraph (1)(b) adjusted in accordance with the regulations.