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Residential Care and Disability Support Services Act 2018

Home-based disability support services

61: Cash assets and income

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"What 'cash assets and income' means for people getting home-based disability support services"

Illustration for Residential Care and Disability Support Services Act 2018

When you get home-based disability support services, you need to know what cash assets and income are. Cash assets are things like money in the bank, investments, or shares in a company. They also include money you have withdrawn from a KiwiSaver scheme registered under subpart 2 of Part 4 of the Financial Markets Conduct Act 2013.

Income is money you get from various sources, such as a job or a benefit. It is defined in Schedule 2 of the Social Security Act 2018, and also includes things like money you get for providing board and lodgings to people. You can also get income from the Social Security Act 2018, the New Zealand Superannuation and Retirement Income Act 2001, or the Veterans’ Support Act 2014.

If you have cash assets over a certain amount, they are considered as income. For example, if you are in a relationship and have more than $5,400 in cash assets, every $100 over that amount is considered as $1 of income per week. If you are in a relationship, your partner's income is also considered as your income.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS41664.

Topics:
Health and wellbeing > Healthcare servicesMoney and consumer rights > Savings and retirementFamily and relationships > Children and parenting
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Part 8Home-based disability support services

61Cash assets and income

  1. For the purposes of this Part and Schedules 1 and 3,—

    cash assets—

    1. means—
      1. money saved with a bank or other institution, money invested with a bank or other institution, or money banked with a bank or other institution:
        1. money invested in securities, bonds, or debentures, or advanced on mortgage:
          1. money withdrawn from a KiwiSaver scheme registered under subpart 2 of Part 4 of the Financial Markets Conduct Act 2013:
            1. money invested in shares in a partnership or limited liability company or other incorporated or unincorporated body; but
            2. does not include any contributions to, or any member’s interest in, any KiwiSaver scheme that is registered under subpart 2 of Part 4 of the Financial Markets Conduct Act 2013; and
              1. does not include any assets or any amount of cash assets excluded by regulations made under section 74(1)(k) or (l)

                income means any thing that—

                1. is income as defined in Schedule 2 of the Social Security Act 2018, or is the gross amount of a payment received in consideration of providing board and lodgings to any person in excess of 2 people, or is a benefit or allowance received under or pursuant to—
                  1. the Social Security Act 2018; or
                    1. the New Zealand Superannuation and Retirement Income Act 2001; or
                      1. the Veterans’ Support Act 2014 (other than a disablement pension under Part 3 of that Act); and
                      2. is not an amount specified in regulations made under section 74(1)(l).

                      3. For the purposes of this Part and Schedules 1 and 3,—

                      4. the following are taken to be income of $1 per week:
                        1. every $100 of cash assets over $5,400 held by a person who is in a relationship:
                          1. every $100 of cash assets over $5,400 held by a single person who has 1 or more dependent children:
                            1. every $100 of cash assets over $2,700 held by any other person; and
                            2. the income of a person who is in a relationship includes the income of the person’s spouse or partner.

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