Document ID: chunk:federal_register_of_legislation:C2023C00380:clause:1_575a
Version: federal_register_of_legislation:C2023C00380
Segment Type: clause
Provision Reference: sch 1 cl 575A
Character Range: 39916–41976

575A  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 1: For liquid assets and maximum reserve see section 14A.
Note 2:  For transferee to austudy payment 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 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.