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 Act 1991

61   After Part 2.25C

Insert:

Part 2.25D - Voluntary income management incentive payment

1061W Qualification for a voluntary income management incentive payment

(1) A person is qualified for a voluntary income management incentive payment if the person has accrued a qualifying incentive payment period.

(2) A person accrues a qualifying incentive payment period if a voluntary income management agreement relating to the person has been in force for a period of 26 consecutive weeks.

(3) A person may accrue more than one qualifying incentive payment period. However, a week during which a voluntary income management agreement relating to the person is in force cannot be counted towards more than one qualifying incentive payment period.

1061WA When a voluntary income management incentive payment is payable

A voluntary income management incentive payment is payable to a person in relation to each qualifying incentive payment period accrued by the person.

1061WB Amount of a voluntary income management incentive payment

The amount of a voluntary income management incentive payment is $250.

Part 2.25E - Matched savings scheme (income management) payment

1061WG Qualification for matched savings scheme (income management) payment

(1) A person is qualified for a matched savings scheme (income management) payment if:

(a) the person has completed an approved course; and

(b) the Secretary is satisfied that:

(i) the person has maintained a pattern of regular savings throughout a period (the qualifying savings period ) of at least 13 consecutive weeks beginning after the person commenced the approved course; and

(ii) the person has a qualifying savings amount; and

(c) the person is subject to the income management regime under section 123UC, 123UCA, 123UCB, 123UCC, 123UD or 123UE of the Administration Act, and was subject to the income management regime under one of those sections throughout the qualifying savings period.

(2) For the purposes of paragraph (1)(a), a course is an approved course if it is a course approved by the Secretary, by legislative instrument, for the purposes of this subsection.

(3) In deciding whether he or she is satisfied as mentioned in paragraph (1)(b), the Secretary must comply with any decision-making principles set out in a legislative instrument made by the Minister for the purposes of this subsection.

(4) A person has a qualifying savings amount if the amount (the second amount ) of the person's savings at the end of the qualifying savings period is greater than the amount (if any) (the first amount ) of the person's savings at the beginning of that period. The difference between the second amount and the first amount is the person's qualifying savings amount .

(5) For the purposes of subsection (4), a person's qualifying savings amount does not include any amount credited to the person's income management account (within the meaning of Part 3B of the Administration Act) during the qualifying savings period.

1061WH Amount of a matched savings scheme (income management) payment

(1) The amount of a matched savings scheme (income management) payment payable to a person is:

(a) the person's qualifying savings amount (as defined by section 1061WG); or

(b) if the person's qualifying savings amount is more than $500 - $500.

(2) A matched savings scheme (income management) payment is to be paid as a single lump sum.

(3) A person may receive one matched savings scheme (income management) payment under this Part, regardless of how many times the person qualifies for the payment.