There is no asset test for the TAP but there is a parental income test. Applicants will need to be below a parental income threshold of $250,000 (adjusted taxable income) to receive this payment.
This means that in order for a student to be eligible for the TAP, their combined parental income should be equal to or below this threshold.
The parental income test takes into account taxable income, adjusted employer-provided benefits, foreign income, net investment losses, tax-free pensions and benefits, reportable superannuation contributions, and maintenance amounts paid out by the parents. The combined income of both parents is considered for this test.
It’s important to note that policies and income thresholds may change over time. For the most up-to-date information regarding the parental income threshold for the TAP, I recommend visiting the official government websites, such as the Department of Education, Skills, and Employment, or contacting the relevant government department directly. They will be able to provide you with the most recent and accurate information regarding the eligibility criteria for the Tertiary Access Payment, including the parental income threshold.