Serena is a full-time student at the University of Sydney. She is studying an arts degree. She is living away from her parents' home (in country New South Wales) to attend the University of Sydney. Serena receives the Youth Allowance payment from the Australian Government of S668 per fortnight. Serena's parents also send her S120 every week to help Serena meet her living expenses.

Which of the following is most correct in respect to Serena?

O a. The Youth Allowance payment is not income, because it is not a payment for Serena's personal exertion.

O b. The Youth Allowance payment is income due to various factors (e.g. regular, legal entitlement provided and used to meet living

expenses) and therefore included in assessable income.

O c. The Youth Allowance payment is not income, but it is caught by s 15-2, and therefore included in assessable income.

O d. The Youth Allowance payment is not income, because it is a mere gift given on personal grounds.