New Zealand Legislation: Regulations

8 Cash assets defined

• (1) For the purposes of these regulations and of section 61G of the Act, cash assets, in relation to a person, means—

  • (a) the person’s cash; and

  • (b) the other assets of the person that can be converted readily into cash.

  (2) In particular, cash assets includes all of the following:

  • (a) shares, stocks, debentures, bonus bonds, and other bonds; and

  • (b) bank accounts, including fixed and term deposits with any bank, friendly society, credit union, or building society; and

  • (c) money invested with or lent to any bank or other financial institution or other person, whether on mortgage or other security or unsecured; and

  • (d) the net equity held in property or land not used as the person’s home; and

  • (e) building society shares; and

  • (f) bills of exchange or promissory notes; and

  • (g) the person’s share in any partnership.

  (3) However, cash assets does not include any of the following:

  • (a) if the person is single, the motor vehicle or other vehicle required by the person for his or her personal use; or

  • (b) if the person is married or in a civil union, the motor vehicles or other vehicles (not exceeding 2 in total) required by the person and his or her spouse or partner for their personal use; or

  • (c) a caravan, boat, or other vehicle—

    • (i) in which the net equity is less than $2,000; or

    • (ii) used by the person or a member of his or her family for day-to-day accommodation; or

  • (d) the personal effects of the person; or

  • (e) any ex gratia payment—

    • (i) made to the person, on or after 27 April 2007, by the Crown; and

    • (ii) made in accordance with the MoU on measures related to veterans; or

  • (f) for the first 12 months after the ex gratia payment concerned is made, any ex gratia payment—

    • (i) made to the person, on or after 15 December 2006, by or on behalf of the Crown; and

    • (ii) made because the person suffered a personal injury that is, or was caused by, hepatitis C infection contracted through the New Zealand blood supply; or

  • (g) for the first 12 months after the compensation or ex gratia payment concerned is made, any compensation payment or ex gratia payment—

    • (i) made to the person, on or after 26 October 2007, by or on behalf of the Crown; and

    • (ii) made because the person is a former patient of the Lake Alice Psychiatric Hospital; or

  • (h) any interest to which regulation 8B applies; or

  • (i) for the first 12 months after the payment concerned is made, any payment made to the person by the trust established under trust deed dated 16 August 2007 and known, on that date, as the Viet Nam Veterans and Their Families Trust, other than a payment of the kind referred to in any of paragraphs (a) to (d) of clause 14.2 of that trust deed; or

  • (j) for the first 12 months after the payment concerned is made, any compensation or ex gratia payment of the kind described in regulation 6(2) of the Social Security (Income and Cash Assets Exemptions: Ex Gratia and Compensation Payments Made by the Crown) Regulations 2008.

  (3A) [Revoked]

  (4) Subclause (2) does not limit the generality of subclause (1); but subclause (3) overrides subclauses (1) and (2).

  Regulation 8(3)(d): amended, on 27 April 2007, by regulation 4(1) of the Social Security (Temporary Additional Support) Amendment Regulations (No 2) 2007 (SR 2007/96).

  Regulation 8(3)(e): added, on 27 April 2007, by regulation 4(1) of the Social Security (Temporary Additional Support) Amendment Regulations (No 2) 2007 (SR 2007/96).

  Regulation 8(3)(e)(ii): amended, on 29 June 2007, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations (No 3) 2007 (SR 2007/177).

  Regulation 8(3)(f): added, on 29 June 2007, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations (No 3) 2007 (SR 2007/177).

  Regulation 8(3)(f)(ii): amended, on 26 October 2007, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations (No 4) 2007 (SR 2007/322).

  Regulation 8(3)(g): added, on 26 October 2007, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations (No 4) 2007 (SR 2007/322).

  Regulation 8(3)(g)(ii): amended, on 1 May 2008, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations (No 2) 2008 (SR 2008/70).

  Regulation 8(3)(h): added, on 1 May 2008, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations (No 2) 2008 (SR 2008/70).

  Regulation 8(3)(h): amended, on 3 November 2008, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations (No 3) 2008 (SR 2008/350).

  Regulation 8(3)(i): added, on 3 November 2008, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations (No 3) 2008 (SR 2008/350).

  Regulation 8(3)(j): added, on 3 November 2008, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations (No 3) 2008 (SR 2008/350).

  Regulation 8(3A): revoked, on 29 June 2007, by regulation 5(2) of the Social Security (Temporary Additional Support) Amendment Regulations (No 3) 2007 (SR 2007/177).