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This is a Bill, not an Act. For current law, see the Acts databases.
SOCIAL SECURITY AMENDMENT (LIQUID ASSETS WAITING PERIOD) BILL 2009
2008-2009
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Social Security Amendment (Liquid
Assets Waiting Period) Bill 2009
No. , 2009
(Education, Employment and Workplace Relations)
A Bill for an Act to amend the law relating to social
security, and for other purposes
i Social Security Amendment (Liquid Assets Waiting Period) Bill 2009 No. , 2009
Contents
1
Short title ............................................................................................ 1
2
Commencement .................................................................................. 1
3
Schedule(s) ......................................................................................... 2
Schedule 1--Amendme nts
3
Part 1--Main amendments
3
Social Security Act 1991
3
Part 2--Application and transitional provisions
5
Part 3--Technical amendments
7
Income Tax Assessment Act 1936
7
Income Tax Assessment Act 1997
7
Social Security Act 1991
7
Social Security (Administration) Act 1999
7
Veterans' Entitlements Act 1986
7
Social Security Amendment (Liquid Assets Waiting Period) Bill 2009 No. , 2009 1
A Bill for an Act to amend the law relating to social
1
security, and for other purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Social Security Amendment (Liquid
5
Assets Waiting Period) Act 2009.
6
2 Commence ment
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2 Social Security Amendment (Liquid Assets Waiting Period) Bill 2009 No. , 2009
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day on which this Act receives the
Royal Assent.
2. Schedule 1,
Parts 1 and 2
1 April 2009.
1 April 2009
3. Schedule 1,
Part 3
Immediately after the time specified in the
Household Stimulus Package Act (No. 2)
2009 for the commencement of Schedule 5
to that Act.
18 February
2009
Note:
This table relates only to the provisions of this Act as originally
1
passed by both Houses of the Parliament and assented to. It will not be
2
expanded to deal with provisions inserted in this Act after assent.
3
(2) Column 3 of the table contains additional information that is not
4
part of this Act. Information in this column may be added to or
5
edited in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
12
Amend ments Schedule 1
Main amendments Part 1
Social Security Amendment (Liquid Assets Waiting Period) Bill 2009 No. , 2009 3
1
Schedule 1
--
Amendments
2
Part 1
--
Main amendments
3
Social Security Act 1991
4
1 Subsection 14A(1) (after paragraph (dab) of the definition of
5
liquid assets)
6
Insert:
7
(dac) the surrender value of a life policy (within the meaning of the
8
Life Insurance Act 1995); or
9
2 At the end of subsection 14A(1)
10
Add:
11
Note:
The definition of maximum reserve is affected by subsections (6A)
12
and (6B).
13
3 At the end of section 14A
14
Add:
15
(6A) This section has effect for the purposes of Parts 2.11, 2.11A, 2.12
16
and 2.14 during the designated period as if:
17
(a) the reference in paragraph (a) of the definition of maximum
18
reserve in subsection (1) to $2,500 were a reference to
19
$5,000; and
20
(b) the reference in paragraph (b) of that definition to $5,000
21
were a reference to $10,000.
22
(6B) For the purposes of subsection (6A), the designated period is the
23
period beginning on 1 April 2009 and ending at the end of:
24
(a) 31 March 2011; or
25
(b) if a later date is determined by the Minister by legislative
26
instrument--that later date.
27
4 Section 19B (after paragraph (fb) of the definition of liquid
28
assets)
29
Insert:
30
Schedule 1 A mendments
Part 1 Main amendments
4 Social Security Amendment (Liquid Assets Waiting Period) Bill 2009 No. , 2009
(fc) the surrender value of a life policy (within the meaning of the
1
Life Insurance Act 1995); or
2
3
Amend ments Schedule 1
Application and transitional provisions Part 2
Social Security Amendment (Liquid Assets Waiting Period) Bill 2009 No. , 2009 5
1
Part 2
--
Application and transitional provisions
2
5 Claims made on or after 1 April 2009
3
The amendments made by Part 1 of this Schedule apply in relation to a
4
person who makes a claim on or after 1 April 2009 for a social security
5
payment.
6
6 Persons subject to liquid assets test waiting period at
7
beginning and end of designated period
8
Persons subject to liquid assets test waiting period at beginning
9
of designated period
10
(1)
The amendments made by items 1, 2 and 3 of this Schedule apply in
11
relation to a person if:
12
(a) the person is subject to a liquid assets test waiting period on
13
1 April 2009; and
14
(b) the liquid assets test waiting period started before that date.
15
(2)
If the application of the amendments made by items 1, 2 and 3 of this
16
Schedule would result in the person's liquid assets test waiting period
17
ending before 1 April 2009, the person's liquid assets test waiting
18
period is taken to end on 31 March 2009.
19
Persons subject to liquid assets test waiting period after end of
20
designated period
21
(3)
Subsection 14A(6A) of the Social Security Act 1991 continues to have
22
effect in relation to a person after the end of the designated period if:
23
(a) the person is subject to a liquid assets test waiting period on
24
the day after the end of the designated period; and
25
(b) the liquid assets test waiting period started before the end of
26
the designated period.
27
Definitions
28
(4)
In this item:
29
designated period means the designated period referred to in subsection
30
14A(6B) of the Social Security Act 1991.
31
Schedule 1 A mendments
Part 2 Application and transitional provisions
6 Social Security Amendment (Liquid Assets Waiting Period) Bill 2009 No. , 2009
liquid assets test waiting period means a liquid assets test waiting
1
period under Part 2.11, 2.11A, 2.12 or 2.14 of the Social Security Act
2
1991.
3
4
Amend ments Schedule 1
Technical amend ments Part 3
Social Security Amendment (Liquid Assets Waiting Period) Bill 2009 No. , 2009 7
1
Part 3
--
Technical amendments
2
Income Tax Assessment Act 1936
3
7 Subsection 159J(6) (paragraph (adak) of the definition of
4
separate net income)
5
Omit "Act 2009", substitute "Act (No. 2) 2009".
6
Income Tax Assessment Act 1997
7
8 Section 11-
15 (table item headed "family assistance")
8
Omit "Household Stimulus Package Act 2009", substitute "Household
9
Stimulus Package Act (No. 2) 2009".
10
9 Section 11-
15 (table item headed "social security or like
11
payments")
12
Omit "Household Stimulus Package Act 2009", substitute "Household
13
Stimulus Package Act (No. 2) 2009".
14
10 Section 52-165
15
Omit "Act 2009", substitute "Act (No. 2) 2009".
16
Social Security Act 1991
17
11 Paragraph 8(8)(yj)
18
Omit "Act 2009", substitute "Act (No. 2) 2009".
19
Social Security (Administration) Act 1999
20
12 Section 123TC (paragraph (e) of the definition of
21
household stimulus payment)
22
Omit "Act 2009", substitute "Act (No. 2) 2009".
23
Veterans' Entitlements Act 1986
24
13 Paragraph 5H(8)(zzg)
25
Schedule 1 A mendments
Part 3 Technical amend ments
8 Social Security Amendment (Liquid Assets Waiting Period) Bill 2009 No. , 2009
Omit "Act 2009", substitute "Act (No. 2) 2009".
1