Section 549A — Social Security Act 1991: 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 youth allowance; or (ii) the day on which the person claims a youth allowance; and (b) the person is not a transferee to a youth allowance; 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 youth allowance; or (b) the day on which the person claims youth allowance; 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; that started during that 12 months. 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 youth allowance (4) Subsection (1) does not apply to a person if: (a) the person is a transferee to a youth allowance; and (b) the person claims the youth allowance within 14 days of the transfer day. Exemption—person undertaking specified activity (5) Subsection (1) does not apply to a person who: (a) is undertaking an activity specified in an instrument made under subsection (6); and (b) has been exempted from the application of subsection (1) by the Secretary. (6) The Secretary may, by legislative instrument, specify activities for the purpose of paragraph (5)(a). Exception—death of person’s partner (7) Subsection (1) does not apply to a person if: (a) the person makes a claim for youth allowance on or after the commencement of this subsection; and (b) the person makes the claim after the death of the person’s partner on or after the commencement of this subsection; and (c) if the person is a man or a woman who was not pregnant when her partner died—the person makes the claim in the period of 14 weeks starting on the day of the death of the partner; and (d) if the person is a woman who was pregnant when her partner died—the person makes the claim: (i) in the period of 14 weeks starting on the day of the death of the partner; or (ii) in the period starting on the day of the death of the partner and ending when the child is born or the woman otherwise stops being pregnant; whichever ends later.