Completing and assessing the Assistance for Isolated Children (AIC) Current Tax Year Assessment (SY042) 010-03020070

The SY042 form is used to assess eligibility for AIC Additional Boarding Allowance where parental income in the current tax year:

• has substantially reduced compared to the base tax year, or
• has increased by more than 25% over the base tax year and is also more than 25% higher than the parental income free area

A current income assessment applies from the later of:

• 1 January in the year of study, or
• the date of the drop in income

This assessment may be approved if parental income is reduced for at least 2 years because of any of the following:

• permanent invalidity or retirement
• natural disasters such as drought, fires or other circumstances beyond the control of the parent or guardian
• unemployment for an extended period or retrenchment
• any other circumstances causing hardship

Seasonal variations where income normally fluctuates (for example, in the case of primary producers) are not the basis of current income assessment unless the reduction in income is likely to last for at least 2 years.

If parental income has increased by 125% (reverse current income assessment), entitlement is reassessed from 1 October of the year of study.