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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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