Commonwealth Consolidated Acts Commonwealth Consolidated ActsWhen 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: For liquid assets and maximum reserve see section 14A.
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.
Exemption--person undertaking specified activity
(5) Subsection (1) does not apply to a person who:
(a) is undertaking an activity specified in an instrument made under subsection (6); and
(b) has been exempted from the application of subsection (1) by the Secretary.
(6) The Secretary may, by legislative instrument, specify activities for the purpose of paragraph (5)(a).
Exception--death of person's partner
(7) Subsection (1) does not apply to a person if:
(a) the person makes a claim for youth allowance on or after the commencement of this subsection; and
(b) the person makes the claim after the death of the person's partner on or after the commencement of this subsection; and
(c) if the person is a man or a woman who was not pregnant when her partner died--the person makes the claim in the period of 14 weeks starting on the day of the death of the partner; and
(d) if the person is a woman who was pregnant when her partner died--the person makes the claim:
(i) in the period of 14 weeks starting on the day of the death of the partner; or
(ii) in the period starting on the day of the death of the partner and ending when the child is born or the woman otherwise stops being pregnant;
whichever ends later.