Liquid assets test waiting period
575A Liquid assets test waiting period
When person subject to liquid assets test waiting period—general
Subject to this section, if:
the value of a person’s liquid assets is more than the person’s maximum reserve on:
the day on which the person becomes qualified for austudy payment; or
the day on which the person claims austudy payment; and
the person is not a transferee to austudy payment;
the person is subject to a liquid assets test waiting period.
For liquid assets and maximum reserve see section 14A.
Exception—person already subject to liquid assets test waiting period in previous 12 months
Subsection (1) does not apply to a person if, at any time during the 12 months before:
the day on which the person becomes qualified for austudy payment; or
the day on which the person claims austudy payment;
the person:
was subject to a liquid assets test waiting period under this Part and that period has ended; or
has served a liquid assets test waiting period under another Part of this Act; or
has served a liquid assets test waiting period under the Student Assistance Act 1973 as previously in force.
Exception—waiver for hardship
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.
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).
For unavoidable or reasonable expenditure see subsection 19C(4).
Exception—certain transferees to austudy payment
Subsection (1) does not apply to a person if:
the person is a transferee to austudy payment; and
the person claims austudy payment within 14 days of the transfer day.
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