16Income requirement for joint individual assurers

16 Income requirement for joint individual assurers

(1) This section applies to an individual who gives an assurance of support jointly with another individual or other individuals.

Note: Individual means a natural person – see section 2B of the Acts Interpretation Act 1901.

(2) The individual assurer meets the income requirement for the current financial year, first financial year or second financial year if the combined amount of assessable income of the assurers for that year is at least the total of the following amounts:

(a) the maximum basic jobseeker payment amount, applicable on 1 July of the current financial year, multiplied by the total of:

(i) the total number of individuals giving assurance under the assurance of support; and

(ii) the total number of adults receiving assurance under an assurance of support given by the individual; and

(b) the amount obtained by adding together, for each child of an individual giving assurance under the assurance of support:

(i) the base FTB child rate applicable on 1 July of the current financial year; and

(ii) the applicable supplement amount applicable on 1 July of the current financial year.