Section 422 — Social Security Act 2018: Regulations: income exemptions

422 Regulations: income exemptions (1) The Governor-General may, by Order in Council, make regulations for the purposes of clause 9 of Schedule 3 (exclusion of amounts, items, payments, or income from specified source, declared not to be income). (2) Regulations made under subsection (1) may (without limitation) authorise MSD,— (a) in calculating the rate of benefit, to take no account of specified income for a specified period and that is up to, in total, a specified maximum amount: (b) in calculating the rate of benefit, to disregard all or part of the income of a severely disabled person derived from personal effort: (c) in calculating the income of a person for the purpose of determining the rate of benefit, to take no account of a redundancy or retirement payment. (3) Regulations made under subsection (1) have effect in respect of any income specified in the regulations on and after a date— (a) specified in the regulations; and (b) earlier than, the same as, or later than, the date on which the regulations are made. Compare: 1964 No 136 ss 3(1) , definition of income, paragraph (f)(vii), (x), (xi), (xii), (xiii), (xiv), (xv), (xvii), 3(3), 66 , 66A , 66B , 68 , 132AA , Schedule 10