Social Security and Other Legislation Amendment (Economic Security Strategy) Act 2008 (131 of 2008)

Schedule 5   Other amendments

Social Security (Administration) Act 1999

16   After Subdivision DA of Division 5 of Part 3B

Insert:

Subdivision DB - Economic security strategy payments

123XPC Deductions from economic security strategy payments

Scope

(1) This section applies if:

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

(b) an economic security strategy payment is payable to the person.

(2) However, this section does not apply in relation to an economic security strategy payment under Part VIIG of the Veterans' Entitlements Act if the person is subject to the income management regime because of section 123UB or 123UF.

Deductions from economic security strategy payments

(3) The following provisions have effect:

(a) the Secretary must deduct from the economic security strategy 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.

(4) For the purposes of subsection (3), the deductible portion of an economic security strategy payment is 100% of the amount of the payment.