Source: http://www.legislation.govt.nz/regulation/public/2019/0116/latest/whole.html
Timestamp: 2019-07-23 04:50:29
Document Index: 378360884

Matched Legal Cases: ['art 1', 'art 3', 'art 1', 'art 1', 'art 3', 'art 1', 'art 3']

Residential Care and Disability Support Services (Annual Adjustment of Applicable Asset Thresholds and Income-from-assets Exemption) Regulations 2019 (LI 2019/116) – New Zealand Legislation
Residential Care and Disability Support Services (Annual Adjustment of Applicable Asset Thresholds and Income-from-assets Exemption) Regulations 2019
These regulations are made under sections 74(1)﻿(h) and 75 of the Residential Care and Disability Support Services Act 2018 on the advice and with the consent of the Executive Council.
3 Residential Care and Disability Support Services Act 2018 amended
4 Schedule 2, Part 1 amended
Income-from-assets exemption
5 Schedule 2, Part 3 amended
These regulations are the Residential Care and Disability Support Services (Annual Adjustment of Applicable Asset Thresholds and Income-from-assets Exemption) Regulations 2019.
These regulations amend the Residential Care and Disability Support Services Act 2018.
In Schedule 2, Part 1, clause 1(2), replace “$227,125” with “$230,495” .
In Schedule 2, Part 1, clause 1(3), replace “$124,379” with “$126,224” .
This regulation amends the definition of income-from-assets exemption in Schedule 2, Part 3, clause 5.
In paragraph (a), replace “$992” with “$1,005” .
In paragraph (b), replace “$1,983” with “$2,009” .
In paragraph (c), replace “$2,975” with “$3,013” .
These regulations, which come into force on 1 July 2019, amend Schedule 2 of the Residential Care and Disability Support Services Act 2018 (the Act) in accordance with section 75 of the Act, which makes it mandatory for certain figures in the Schedule to be increased, on 1 July each year, to reflect increases in the relevant New Zealand Consumers Price Index for the previous year.
adjust the applicable asset thresholds specified in Part 1 of Schedule 2 (which are applied as part of the financial assessment of a person’s assets to determine whether the person is financially eligible for a residential care subsidy) by—
increasing applicable Threshold A from $227,125 to $230,495 (Schedule 2, clause 1(2)):
increasing applicable Threshold B from $124,379 to $126,224 (Schedule 2, clause 1(3)):
adjust the income-from-assets exemption specified in Part 3 of Schedule 2 (which relates to the amount of income derived from assets that is considered exempt from a person’s financial means assessment when determining the contribution the person is required to make towards the cost of their residential care) by increasing it—
from $992 to $1,005 if the person is single:
from $1,983 to $2,009 if the person’s spouse or partner is a resident assessed as requiring care:
from $2,975 to $3,013 if the person’s spouse or partner is not a resident assessed as requiring care:
(Schedule 2, clause 5, definition of income-from-assets exemption).
The adjustments to the applicable asset thresholds reflect the percentage upward movement in the index number of the New Zealand Consumers Price Index (All Groups) for the year ending 31 March 2019 (1.48%).
The adjustments to the income-from-assets exemption reflect the percentage upward movement in the index number of the New Zealand Consumers Price Index (All Groups Excluding Cigarettes and Tobacco Products) for the year ending 31 March 2019 (1.29%).
The adjusted amounts apply for the year beginning on 1 July 2019 and ending on 30 June 2020. On 1 July 2020, the amounts must be increased again to reflect the upward movement (if any) in the relevant index numbers for the year ending on 31 March 2020.