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SOCIAL SECURITY ACT 1991 - SECT 19B

Financial hardship (Carer payment) liquid assets test definition

                   In section 198N (exemption from care receiver assets test):

"liquid assets" , in relation to a person, means:

                     (a)  the person's cash; and

                     (b)  the person's shares and debentures in a public company within the meaning of the Corporations Act 2001 ; and

                     (c)  any amount deposited with, or lent to, a bank or other financial institution by the person (whether or not the amount can be withdrawn or repaid immediately); and

                     (d)  any amount due, and able to be paid, to the person by, or on behalf of, a former employer of the person; and

                     (e)  any other readily realisable assets of the person;

but does not include:

                      (f)  a roll-over superannuation benefit (within the meaning of the Income Tax Assessment Act 1997 ); or

                    (fa)  a superannuation lump sum (within the meaning of that Act) that is a contributions-splitting superannuation benefit (within the meaning of that Act); or

                    (fb)  a directed termination payment (within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997 ); or

                    (fc)  the surrender value of a life policy (within the meaning of the Life Insurance Act 1995 ); or

                     (g)  an amount of an AGDRP that the person received, if the Secretary is satisfied that the length of time since receiving the payment is still reasonable in the circumstances; or

                     (h)  an amount of an AVTOP that the person received, if the Secretary is satisfied that the length of time since receiving the payment is still reasonable in the circumstances; or

                      (i)  the sum of NDIS amounts paid to the person and any return on those amounts that the person earns, derives or receives, less the sum of amounts spent by the person in accordance with an NDIS plan under which the amounts were paid.



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