Document ID: chunk:federal_register_of_legislation:C2023C00380:clause:9_91
Version: federal_register_of_legislation:C2023C00380
Segment Type: clause
Provision Reference: sch 9 cl 91
Character Range: 295547–296486

91  Subsection 676(3)
Repeal the subsection, substitute:
 (3) The liquid assets test waiting period in relation to the claim is to be worked out under subsections (3A), (3B) and (3C).
 (3A) Work out the number of formula weeks (disregarding any fractions of a week) in relation to the claim using the formula:

where:
liquid assets means the person's liquid assets.
maximum reserve amount means the maximum reserve in relation to the person under subsection 14(1).
divisor means, in relation to a person:
 (a) if the person is not a member of a couple and does not have a dependent child—$500; or
 (b) otherwise—$1,000.
 (3B) If the number of formula weeks is equal to or greater than 13 weeks, the liquid assets test waiting period in relation to the claim is 13 weeks.
 (3C) If subsection (3B) does not apply, the liquid assets test waiting period in relation to the claim is the number of weeks equal to the number of formula weeks.