Commonwealth Numbered Acts

SOCIAL SECURITY LEGISLATION AMENDMENT ACT (No. 3) 1991 No. 175, 1991 - SECT 37

37. After section 19A of the Principal Act the following section is inserted:
Financial hardship provisions liquid assets test definition
  "19B.(1)   In sections 1132A and 1132B (family allowance and family
allowance supplement hardship rules):
`liquid assets', in relation to a person, means:

   (a)  the person's cash; and

   (b)  the person's shares and debentures in a public company within the
        meaning of the Corporations Law; and

   (c)  any amount deposited with, or lent to, a bank, building society,
        credit union or other financial institution by the person (whether or
        not the amount can be withdrawn or repaid immediately); and

   (d)  any amount due, and able to be paid, to the person by, or on behalf
        of, a former employer of the person; and

   (e)  any other readily realisable assets of the person; but does not
        include an amount that is a qualifying eligible termination payment
        for the purposes of Subdivision AA of Part III of the Income Tax
        Assessment Act.
Note: the Corporations Law is set out in section 82 of the Corporations Act 
1989 .
  "(2)   For the purposes of sections 1132A and 1132B, a person's liquid
assets are taken to include:

   (a)  the liquid assets of the person's partner; and

   (b)  the liquid assets of an FA child of the person.".