Social Security and Other Legislation Amendment (Welfare Reform and Reinstatement of Racial Discrimination Act) Act 2010 (93 of 2010)

Schedule 2   Income management regime

Part 4   New social security payments

Social Security (Administration) Act 1999

64   Before Subdivision E of Division 5 of Part 3B

Insert:

Subdivision DD - Voluntary income management incentive payments and matched savings scheme (income management) payments

123XPH Deductions from voluntary income management incentive payments

Scope

(1) This section applies if:

(a) a person is subject to the income management regime; and

(b) a voluntary income management incentive payment is payable to the person.

Deductions from payments

(2) The following provisions have effect:

(a) the Secretary must deduct from the voluntary income management incentive payment the deductible portion of the payment;

(b) an amount equal to the deductible portion of the payment is credited to the Special Account;

(c) an amount equal to the deductible portion of the payment is credited to the person's income management account.

Deductible portion

(3) For the purposes of subsection (2), the deductible portion of a voluntary income management incentive payment is 100% of the amount of the payment.

123XPI Deductions from matched savings scheme (income management) payments

Scope

(1) This section applies if:

(a) a person is subject to the income management regime; and

(b) a matched savings scheme (income management) payment is payable to the person.

Deductions from payments

(2) The following provisions have effect:

(a) the Secretary must deduct from the matched savings scheme (income management) payment the deductible portion of the payment;

(b) an amount equal to the deductible portion of the payment is credited to the Special Account;

(c) an amount equal to the deductible portion of the payment is credited to the person's income management account.

Deductible portion

(3) For the purposes of subsection (2), the deductible portion of the matched savings scheme (income management) payment is 100% of the amount of the payment.