Section 575C — Social Security Act 1991: Length of liquid assets test waiting period

Number of weeks (1) A person’s liquid assets test waiting period is: (a) if the result obtained under subsection (2) is 13 or more whole weeks—13 weeks; or (b) if the result obtained under subsection (2) is fewer than 13 whole weeks—the number of whole weeks obtained under that subsection. Working out number of weeks (2) Subject to subsection (3), the number of weeks is worked out by using the following formula: where: divisor, in relation to the person, means: (a) if the person is not a member of a couple and does not have a dependent child—$500; or (b) otherwise—$1,000. liquid assets means the person’s liquid assets on the day referred to in subparagraph 575A(1)(a)(i) or (ii) (as the case requires). maximum reserve amount means the maximum reserve in relation to the person under subsection 14A(1). Weeks etc. to be disregarded (3) For the purposes of subsection (2), disregard: (a) any weeks after the person claimed austudy payment during which the person was not qualified for austudy payment; and (b) any fractions of a week.