New Zealand Legislation: Regulations
Regulations are laws made under Acts
(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
(ia) any amount of income derived by the person from a payment of the kind referred to in paragraph (i); 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; or
(k) for the first 12 months after the payment concerned is made, any payment made to the person—
(i) by the trust established under the trust deed dated 4 December 1993 and known, on that date, as the EVSA Youth Development Trust, but known immediately before the commencement of this paragraph as the EVSA (Neville Wallace Memorial) Children's & Grandchildren's Trust; and
(ii) on or after 17 August 2007; or
(ka) for the first 12 months after the payment concerned is made, any payment made in relation to the effects of the Canterbury earthquake to a person on or after 13 September 2010 by the Canterbury Earthquake Commission (a body set up by the National Board of New Zealand Red Cross Incorporated in consultation with the Mayors of Christchurch City, the Waimakariri District, and the Selwyn District, and proposed to be incorporated as a charitable trust under the Charitable Trusts Act 1957) out of the fund created by donations made to the Canterbury Earthquake Appeal of New Zealand Red Cross Incorporated (and by money from other sources); or
(l) for the first 12 months after any payment of a kind referred to in paragraph (k) is made, any amount of income derived from that payment; or
(m) for the first 12 months after the payment concerned is made, any payment made by or on behalf of the Crown to the person because the person is a victim; or
(n) for the first 12 months after any payment of a kind referred to in paragraph (m) is made, any amount of income derived by the person from that payment.
(3A) [Revoked]
(3B) Also, cash assets does not include any money paid to a person by the Earthquake Commission continued in existence by section 4(1) of the Earthquake Commission Act 1993, or by an insurance company,—
(a) in respect of the destruction of or any damage to any property caused by the Canterbury earthquake; or
(b) for or towards the costs of renting accommodation in place of residential premises destroyed or made uninhabitable by the Canterbury earthquake.
(3C) [Revoked]
(4) Subclause (2) does not limit the generality of subclause (1); but subclauses (3) and (3B) override 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)(ia): inserted, on 1 January 2010, by regulation 4(1) of the Social Security (Temporary Additional Support) Amendment Regulations (No 2) 2009 (SR 2009/406).
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(3)(j): amended, on 1 January 2010, by regulation 4(2) of the Social Security (Temporary Additional Support) Amendment Regulations (No 2) 2009 (SR 2009/406).
Regulation 8(3)(k): added, on 1 January 2010, by regulation 4(2) of the Social Security (Temporary Additional Support) Amendment Regulations (No 2) 2009 (SR 2009/406).
Regulation 8(3)(ka): inserted, on 16 September 2010, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations (No 3) 2010 (SR 2010/320).
Regulation 8(3)(ka): amended, on 11 March 2011, by regulation 5(1) of the Social Security (Temporary Additional Support) Amendment Regulations (No 3) 2011 (SR 2011/41).
Regulation 8(3)(l): added, on 1 January 2010, by regulation 4(2) of the Social Security (Temporary Additional Support) Amendment Regulations (No 2) 2009 (SR 2009/406).
Regulation 8(3)(m): added, on 1 January 2010, by regulation 4(2) of the Social Security (Temporary Additional Support) Amendment Regulations (No 2) 2009 (SR 2009/406).
Regulation 8(3)(n): added, on 1 January 2010, by regulation 4(2) of the Social Security (Temporary Additional Support) Amendment Regulations (No 2) 2009 (SR 2009/406).
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).
Regulation 8(3B): inserted, on 11 February 2011, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations 2011 (SR 2011/5).
Regulation 8(3C): revoked, on 11 March 2011, by regulation 5(2) of the Social Security (Temporary Additional Support) Amendment Regulations (No 3) 2011 (SR 2011/41).
Regulation 8(4): substituted, on 11 February 2011, by regulation 4 of the Social Security (Temporary Additional Support) Amendment Regulations 2011 (SR 2011/5).
