Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 549A

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 1:       For liquid assets and maximum reserve see section 14A.

Note 2:       For transferee to a youth allowance see subsections 23(6) and (7).

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.

Exception--person in formal vocational training in a labour market program etc.

             (5)  Subsection (1) does not apply to a person who:

                     (a)  has started:

                              (i)  formal vocational training in a labour market program approved by the Secretary; or

                            (ia)  participation in the PSP; or

                             (ii)  a rehabilitation program approved by the Secretary; and

                     (b)  has been exempted from the application of that subsection by the Secretary.