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 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: 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 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.