Section 575A — 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 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.