How businesses receive income managed funds
Stores can enter into agreements with Services Australia, through Centrelink, which will allow them to receive income managed funds.
They can enter into agreements to enable Services Australia to make payments to a merchant on behalf of people on Income Management or seek approval to accept funds on the BasicsCard.
The BasicsCard is a card issued by Services Australia to:
- help people on Income Management access income managed funds at approved merchants
- help provide access to priority goods and services for income managed people
- restrict access to excluded goods and services for income managed people.
Services Australia will assess whether a business that submits a BasicsCard application form can participate in the BasicCard Scheme. Businesses must read the BasicsCard Merchant Approval Framework, in conjunction with the Merchant Application and the Merchant Terms and Conditions that contain the contractual obligations for merchants. For more information, visit the Services Australia website.
Schedule 4 Agreements
A Schedule 4 Income Management Deduction Agreement is a contract between an approved service provider and Services Australia. It enables Services Australia to make payments on behalf of people on Income Management to service providers in accordance with section 123YG of the Social Security (Administration) Act 1999. This is intended to cover service providers with whom an income managed person will have an ongoing relationship, such as housing authorities or child care providers.
Businesses must read the Income Management Deductions – Schedule 4 Policy Framework in conjunction with the application documentation which can be found of the Services Australia website.
Schedule 5 Agreements
A Schedule 5 Income Management Deduction Agreement is a contract between businesses and Services Australia. It enables a business to receive and hold funds in an account for an income managed person. These funds can be used by the income managed person for priority goods at the store as per section 123YI of the Social Security (Administration) Act 1999.
Businesses must read the The Income Management Deductions Schedule 5 – Policy Framework in conjunction with the application documentation which can be found of the Services Australia website.