Skip to content
  • Login
  • About The SRC
    • Acknowledgement of Country
    • About Us
    • Constitution & Regulations
    • SRC Videos
    • SRC Jobs
  • SRC Help
    • Caseworker Help
    • SRC Legal Service
    • SRC Loans
  • Representation
    • Student Representatives
    • Office Bearer Reports
    • Meetings & Minutes
    • SRC Elections
    • SRC Policy Work
  • Get Involved
    • Collectives
    • SRC x USU FoodHub
    • Student Ideas
  • What's On
  • News
  • Student Media
    • Honi Soit
    • Handbooks
    • Advertising
  • Admin Portal
    • Admin Forms
    • OB Training
  • Contact

NEED HELP? CONTACT A CASEWORKER Caseworker Contact Form OR CONTACT THE SRC LEGAL SERVICE SRC Legal Service

Effect of Savings on payments

Caseworker image

In this section

  • Caseworker Help
    • Academic Issues
      • Academic Appeals
      • Academic Honesty & Integrity
      • Discontine Not Fail (DC)
      • Special Consideration
      • Student Misconduct
    • Accommodation & Tenancy
      • Accommodation Guide
    • Centrelink
      • Centrelink Payments for Students
      • Effect of Income on payments
      • Effect of Parental Income on Payments
      • Effect of Relationships on payments
      • Effect of Savings on payments
      • Independence & Centrelink
    • International Students
      • English Language Resources
      • International Student Work Rights
      • Translated information
    • Money Issues
      • Health Care Card
      • Student Guide to Living on Little Money
    • Show Cause & Exclusions
      • Exclusion Appeal
      • Show Good Cause
    • Casework Videos
      • Video: How to cope with workload
      • Video: What does the SRC
      • Video: What is Domestic Violence
  • SRC Legal Service
  • SRC Loans

Liquid Assets waiting period

If you have savings or other liquid assets over $5,499 you will have up to a maximum of 13 weeks to serve a Liquid Assets Waiting Period. That is, your first payment will be delayed. Make sure you apply as soon as possible so that you can start serving any waiting period sooner rather than later.

What is a liquid asset?

Liquid assets are funds you can access at short notice (i.e., within 28 days) and include:

  •  
  • Money in the bank, including term deposits or other money deposited (but not balances of redraw accounts);
  • Shares and debentures;
  • Loans you have made to other people;
  • Some amounts due from a former employer; and
  • Trust funds probably aren’t liquid assets, but it is a good idea to attach information about this anyway to avoid any potential future overpayment.

How long will you have to wait?

If you are single then your payment will be delayed 1 week for every $500 you have above $5,000. The maximum period you can be made to wait is 13 weeks. Fractions are rounded down. For example, if you have $5,600 you would wait one week. If you are part of a Youth Allowance or Austudy Couple these amounts double. While you are waiting you can work and any income you earn in a waiting period won’t affect your payment, unless it is high enough to otherwise cut you off from payments.

Reducing the waiting period

You only need to declare the liquid assets you have at the time of claiming. Your waiting period could be made shorter if you legitimately spend money (liquid asset) before you make a claim. You run risks of overpayments and being charged with fraud if you hide money to get Youth Allowance or Austudy earlier. They will look at your bank accounts and may notice if you have suddenly withdrawn large amounts of money just prior to claiming without explanation, particularly if that money suddenly bounces back into your account after your claim is processed.

1. Disregarded amounts

If you are a full-time tertiary student, you can disregard money you need to spend in that year to cover reasonable course costs such as:

  • Student Services Amenities Fee;
  • Up-front course fees & HECS payments;
  • Student association fee;
  • Text books;
  • Equipment costs, including computer software and hardware;
  • Field trip expenses; and
  • Study abroad costs.

The value of this future expenditure is disregarded and in effect subtracted from your total declared liquid assets. There is a question in the application form about “immediate study expenses”. This is where you can declare these costs to Centrelink. Proceeds from the sale of your home, if you are going to buy another one within 12 months of the sale, are also disregarded as part of your liquid assets.

2. Being exempt

If you are transferring from another payment within a 14 day period, you are exempt from the waiting period. If you have already served a Liquid Assets Waiting Period at any time in the last 12 months you are also exempt.

3. Severe Financial Hardship

If during a Liquid Assets Waiting Period, you experience severe financial hardship due to reasonable and unavoidable expenditure then the waiting period may be waived in full or part. You are deemed to be in hardship at the point when your current level of liquid assets is less than the maximum fortnightly amount of any Youth Allowance or Austudy you would be payable. This amount is doubled if you a part of a Youth Allowance Couple. Advise Centrelink when this happens. You will need to show that you have spent your liquid assets on reasonable and unavoidable expenditures, including: <SAME with these bullet points>

  • rent or mortgage payments;
  • medical expenses;
  • bills including rates, water, gas, electricity and telephone;
  • public transport;
  • other unavoidable or reasonable expenditure include spending on:
    • cost of repairs or replacement to essential whitegoods at home;
    • school expenses (for your dependent children);
    • funeral expenses;
    • essential expenses arising from the birth or adoption of a child;
    • expenditure to replace uninsured goods stolen or destroyed;
    • costs of insurance for or essential repairs to car or home;
    • car registration; or
    • essential medical expenses
  • or anything else reasonable in the circumstances.

These don’t necessarily need to be justified with receipts, but a list will be needed.

Applying for a payment

As soon you know that you want to apply for a Centrelink payment you should lodge an “intent to claim”. You can do this by phoning 13 24 90 or by going to the Centrelink portal. After you have lodged your “intent to claim” you have 14 days to submit the necessary documents. If your payment is approved, it will usually be back-paid to the day you lodged your “intent to claim”. Remember to keep copies of everything you give Centrelink. When speaking to Centrelink staff on the phone or in person, ask them for a receipt number. Email that, together with a short description of what you spoke about, to yourself, so you have a record in case you ever need it.


Information updated 27 February 2023. 

Important Notice and Disclaimer: This information does not constitute legal advice. Check with a caseworker for the most up-to-date information. Do not accept verbal advice by itself from any source including Centrelink. Get a decision in writing. Without this subsequent appeals or backdating are at risk.

Be up to date

Latest news

Read more about SRC activities

Census date, 31 March or 31 August

CENSUS - The rules are different this year

Tue 14 Mar 2023
Photo of SRC President, Lia Perkins

President's Report

Mon 13 Mar 2023
SRC President Report January

President's Report: January 2023

Wed 08 Feb 2023
image of cockatoo and the 2023 wall planner

GET ORGANISED WITH OUR 2023 STUDENT WALL PLANNER!

Tue 07 Feb 2023

Vacancy: USyd SRC First Nations Officer

Mon 19 Dec 2022

Student misconduct & academic dishonesty

Thu 08 Dec 2022

The Learning Hub's resources can make your study easier

Thu 08 Dec 2022

Mental Health Services: Get help with stress and anxiety

Thu 08 Dec 2022

Pay day loans and why they suck.

Thu 08 Dec 2022

Taming Centrelink - tips for students.

Thu 08 Dec 2022
 
Have a look at your representation

Departments

  • Autonomous Collective Against Racism (ACAR)

    ACAR is an autonomous space that organises around issues relating to people of colour, in activist and educational ways from a student perspective.

    Category
    Autonomous Collective Against Racism (ACAR)
  • Disabilities Collective and Caregivers Network

    The University of Sydney Disabilities Collective is an autonomous collective of the University of Sydney Students' Representative Council (SRC).

    Category
    Disabilities Collective and Caregivers Network
  • Education Action Group (EAG)

    The Sydney University Education Action Group (EAG) campaigns on education issues including fighting for free education and stopping course cuts.

    Category
    Education Action Group (EAG)
  • Enviro Collective

    The Enviro Collective, is an SRC collective fighting for environmental and social issues, on and off campus.

    Category
    Enviro Collective
  • First Nations Department

    The Indigenous Collective is an autonomous organising space for students identifying as First Nations, Aboriginal and/or Torres Strait Islander identities.

    Category
    First Nations Department
  • Global Solidarity
    Category
    Global Solidarity
  • Intercampus
    Category
    Intercampus
  • Interfaith
    Category
    Interfaith
  • International Students Collective

    The International Students' Collective (ISC) is an SRC Collective that exists to represent and orgaanise around the interests of international students.

    Category
    International Students Collective
  • Mature age students
    Category
    Mature age students
Stay connected to the SRC

Keep up-to-date with everything going on within your Students' Representative Council and beyond!

Level 1, Wentworth Building G01,
University of Sydney,
174 City Road, Darlington NSW 2008
Phone: 02 9660 5222
Mon–Friday | 9–5pm

Navigation
  • About The SRC
  • Get Involved
SERVICES:
  • Caseworker Help
  • SRC Legal Service
  • SRC Loans

Powered by MSL

© Copyright - Students' Representative Council, University of Sydney