1.1.L.66 Loans - statute of limitations period

Usage

This definition applies to all payments.

The statute of limitations period is the period of time after which legal action cannot be undertaken in respect of a particular matter. In relation to loans it is the period of time after which legal action cannot be undertaken to recover an un-repaid loan. This period is defined by the relevant state government legislation and may vary from state to state.

If the statute of limitations period has ended, a loan no longer exists for social security purposes.

Act reference: SSAct section 1123 Disposal of assets

Policy reference: SS Guide 4.6.5.60 Assessing Loans & Guarantor Arrangements, 4.6.5.65 Loans that No Longer Exist, 4.6.5.110 Failed Financial Investments, 4.6.2.20 Assessing Exemption for Irrecoverable Loans, Failed Loans & Debts

Last reviewed: 7 November 2016