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SOCIAL SECURITY ACT 1991 - SECT 575A

Liquid assets test waiting period

When person subject to liquid assets test waiting period--general

  (1)   Subject to this section, if:

  (a)   the value of a person's liquid assets is more than the person's maximum reserve on:

  (i)   the day on which the person becomes qualified for austudy payment; or

  (ii)   the day on which the person claims austudy payment; and

  (b)   the person is not a transferee to austudy payment;

the person is subject to a liquid assets test waiting period.

Note:   For liquid assets and maximum reserve see section   14A.

Exception--person already subject to liquid assets test waiting period in previous 12 months

  (2)   Subsection   (1) does not apply to a person if, at any time during the 12 months before:

  (a)   the day on which the person becomes qualified for austudy payment; or

  (b)   the day on which the person claims austudy payment;

the person:

  (c)   was subject to a liquid assets test waiting period under this Part and that period has ended; or

  (d)   has served a liquid assets test waiting period under another Part of this Act; or

  (e)   has served a liquid assets test waiting period under the Student Assistance Act 1973 as previously in force.

Exception--waiver for hardship

  (3)   If the Secretary is satisfied that a person is in severe financial hardship because the person has incurred unavoidable or reasonable expenditure while serving a liquid assets test waiting period, the Secretary may determine that the person does not have to serve the whole, or any part, of the waiting period.

Note 1:   For in severe financial hardship see subsections   19C(2) (person who is not a member of a couple) and 19C(3) (person who is a member of a couple).

Note 2:   For unavoidable or reasonable expenditure see subsection   19C(4).

Exception--certain transferees to austudy payment

  (4)   Subsection   (1) does not apply to a person if:

  (a)   the person is a transferee to austudy payment; and

  (b)   the person claims austudy payment within 14 days of the transfer day.


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