Commonwealth Numbered Acts Commonwealth Numbered Acts
1 Subsection 14A(1) (paragraph (a) of the definition of maximum reserve )
Omit "$2,500", substitute "$5,000".
2 Subsection 14A(1) (paragraph (b) of the definition of maximum reserve )
Omit "$5,000", substitute "$10,000".
3 Subsection 14A(1) (note at the end of the definition of maximum reserve )
Repeal the note.
4 Subsections 14A(6A) and (6B)
Repeal the subsections.
5 Subsection 14A(7)
Repeal the subsection, substitute:
(7) For the purposes of Division 3A of Part 3 of the Administration Act, a person is in severe financial hardship if the value of the person's liquid assets does not exceed:
(a) if the person is not a member of a couple and does not have a dependent child--$2,500; or
(b) in any other case--$5,000.
6 Application provision
The amendments made by this Schedule (other than item 5) apply in relation to a person who makes a claim for a social security payment on or after 1 July 2013.
7 Transitional provision
(1) This item applies to a person if:
(a) the person is subject to a liquid assets test waiting period (the original waiting period ) on 1 July 2013 in relation to a claim; and
(b) the original waiting period started on a day (the start day ) before 1 July 2013.
Original waiting period ends on 30 June 2013
(2) If, assuming the amendments made by this Schedule had been in force on the start day:
(a) the person would not have been subject to a liquid assets test waiting period in relation to the claim; or
(b) the original waiting period would have ended before 1 July 2013;
then the original waiting period is taken to end on 30 June 2013.
Original waiting period ends on or after 1 July 2013
(3) If, assuming the amendments made by this Schedule had been in force on the start day, the original waiting period would not have ended before 1 July 2013, then the original waiting period ends on the day worked out under the Social Security Act 1991 (as amended by this Schedule).
Definition
(4) In this item:
liquid assets test waiting period means a liquid assets test waiting period under Part 2.11, 2.11A, 2.12 or 2.14 of the Social Security Act 1991 .