For the purposes of the Parental Income Test, the components of parental income are: taxable income; adjusted employer provided benefits (commonly known as fringe benefits) for the relevant tax year; reportable superannuation contributions; target foreign income based on the relevant Australian tax year; tax free pensions and benefits; and total net investment losses or net passive business losses. NOTE: Prior to 1 July 2017, tax free pensions and benefits were not included for the parental income test. Ordinary income is NOT used for the ABSTUDY parental income tests. Ordinary income means income that is not maintenance income or an exempt lump sum. This definition of ordinary income is NOT the same as the ATO definition of income for tax purposes. The definition of ordinary income is far wider than the definition of taxable income. 58.3.1 Taxable income Taxable income has the same meaning as in the . 58.3.2 Adjusted employer provided benefits For the purposes of the ABSTUDY Parental Income Test, an employer provided benefit is a benefit an employer provides to, or on behalf of, an employee for the employee's, or in some cases their family's, private use. An employer provided benefit is commonly known as a fringe benefit. For the purposes of the ABSTUDY Parental Income Test, an employer provided benefit is treated in the same manner that it would be under the Youth Allowance Parental Income Test. This includes different treatment of benefits provided by Fringe Benefits Tax (FBT) ‘exempt’ employers (such as charities) and FBT non-exempt employers (such as for profit businesses). For details refer to the Guide to Social Security Law, page under the heading of employer “Treatment provided benefits under the parental income test”. Employer provided benefits include, but are not limited to: cars; school fees; private health insurance; low interest loans; housing assistance; financial investments; and expense benefits. Expense benefits include, but are not limited to:
For the purposes of the Parental Income Test, the components of parental income are: taxable income; adjusted employer provided benefits (commonly known as fringe benefits) for the relevant tax year; reportable superannuation contributions; target foreign income based on the relevant Australian tax year; tax free pensions and benefits; and total net investment losses or net passive business losses. NOTE: Prior to 1 July 2017, tax free pensions and benefits were not included for the parental income test. Ordinary income is NOT used for the ABSTUDY parental income tests. Ordinary income means income that is not maintenance income or an exempt lump sum. This definition of ordinary income is NOT the same as the ATO definition of income for tax purposes. The definition of ordinary income is far wider than the definition of taxable income. 58.3.1 Taxable income Taxable income has the same meaning as in the . 58.3.2 Adjusted employer provided benefits For the purposes of the ABSTUDY Parental Income Test, an employer provided benefit is a benefit an employer provides to, or on behalf of, an employee for the employee's, or in some cases their family's, private use. An employer provided benefit is commonly known as a fringe benefit. For the purposes of the ABSTUDY Parental Income Test, an employer provided benefit is treated in the same manner that it would be under the Youth Allowance Parental Income Test. This includes different treatment of benefits provided by Fringe Benefits Tax (FBT) ‘exempt’ employers (such as charities) and FBT non-exempt employers (such as for profit businesses). For details refer to the Guide to Social Security Law, page under the heading “Treatment of employer provided benefits under the parental income test”. Employer provided benefits include, but are not limited to: cars; school fees; private health insurance; low interest loans; housing assistance; financial investments; and expense benefits. Expense benefits include, but are not limited to: