Social Security (Matched Savings Scheme (Income Management) Payment (Approved Courses)) (DEEWR) Determination 2010 (Cth)

Social Security (Matched Savings Scheme (Income Management) Payment (Approved Courses)) (DEEWR) Determination 2010

Social Security Act 1991

I, LISA MARIAN PAUL, Secretary of the Department of Education, Employment and Workplace Relations, make this instrument under subsection 1061WG (2) of the Social Security Act 1991.

Dated  4^th August   2010

LISA MARIAN PAUL

Secretary of the Department of Education, Employment and Workplace Relations

1. Name of Determination

This Determination is the Social Security (Matched Savings Scheme (Income Management) Payment (Approved Courses)) (DEEWR) Determination 2010

1. Commencement

This Determination commences on the day after it is registered.

1. Definitions

In this Determination:

Financial Services Training Package means the version of the training package of that title (also known by the code FNS04) that was authored by Innovation and Business Skills Australia (IBSA) and endorsed by the National Quality Council on 29 May 2007, as at the commencement of this Determination.

subject, in relation to a course, means a component of that course, however described.

unit of competency means a unit of competency contained in the Financial Services Training Package.

1. Approved courses

For subsection 1061WG (2) of the Social Security Act 1991, a course is an approved course in relation to a person if:

(a)    it includes one or more subjects, however referred to, that:

(i)    are based on the units of competency set out in Schedule 1; and

(ii)    cover each topic of study set out in Schedule 2; and

(b)the whole of the course was delivered to the person on or after 1 July 2009.

Schedule 1        Units of competency

(subparagraph 4 (a) (i))

1.       Develop and use a personal budget (unit code FNSFLIT201B)

2.       Develop and use a savings plan (unit code FNSFLIT202B)

3.       Develop understanding of debt and consumer credit (unit code FNSFLIT203B)

Schedule 2        Topics of study

(subparagraph 4 (a) (ii))

1.       Budgeting

2.       Money planning ― money decisions and prioritising

3.       Saving and spending (including information about spending leaks, shopping tips, and the distinction between needs and wants)

4.       Goal setting

5.       Introduction to banking (including information about opening accounts, account types, different ways to pay, and account fees)

6.       Credit and credit cards

7.       Debt (including an explanation of what constitutes debt)

8.       The cost of credit

9.       Money loans

10.       Consumer rights and responsibilities