Social Security
Simpler means-testing forms
Simplification in aged care rules is always a positive outcome. The government has just released new means-test forms for clients accessing residential or home care services which may make the process much quicker and simpler. The new forms are the outcome of a government taskforce which included a number of organisations, including Jacqui Hayes from…
Read MorePensioner concession card reinstated
Did you, or a member of your family, have the Pensioner Concession Card cancelled because of the changes to the asset test? If so, it’s time to check your letterbox for a pleasant surprise. If you’re retired or close to retirement, you’ll probably recall that the government changed the assets test for pensioners in January…
Read MoreUnderstanding the Medicare Levy
Medicare is Australia’s publicly funded national healthcare system. The Federal Government funds the system by charging taxpayers a levy on top of their annual income tax. Thanks to this levy, all Australians can enjoy access to quality health care. Medicare provides access to a wide range of health care and hospital services, including: Free or…
Read MoreCentrelink impact of renting the former home
Residents who move into residential aged care from January 1, 2017 and rent their former home will receive less generous Centrelink/Department of Veterans’ Affairs (DVA) assessments due to changes that are now effective. The Omnibus Bill, which received Royal Assent on September 16, 2016, saw the changes first announced in the 2015 Mid-Year Economic and…
Read MoreNew asset test rules in effect
The new Centrelink/Department of Veterans’ Affairs asset test rules came into effect on January 1, 2017. This increases the taper rate back to the pre July 1, 2007 rate of $3 per fortnight for every $1000 of assets over the lower threshold. As a result, many part-pensioners may have seen a reduction or complete loss…
Read MorePensioner winners and losers
The biggest changes to the pension asset test in 10 years will occur on 1 January next year. Whenever the government makes such drastic changes it creates winners and losers (and some that stay the same, but worry about the changes nonetheless). The important thing is to know which bucket you fall into and make…
Read MoreChanges passed to Centrelink impact of renting the former home
Residents who move into residential aged care from 1 January 2017 and rent their former home will receive less generous Centrelink/DVA assessments due to changes now passed into law. The Omnibus Bill which received Royal Assent on 16 September 2016, saw the changes first announced in the 2015 MYEFO passed as law. The rental income…
Read MoreCentrelink Asset Thresholds are Changing
If you are over, or close to, 65 years of age, it is important that you and your Financial Adviser have a plan in place in preparation for any impact the changes the Government has introduced to the age pension assets test might have on your financial situation. If you haven’t already, contact your Financial…
Read MoreChanges to the Social Security Asset Test
Important changes to the social security asset test effective 1 January 2017 have passed through parliament. The Government has called the changes ‘rebalancing the asset test’ as they aim to increase entitlement for those with lower levels of assets and reduce entitlement for those with higher levels of assets. For those who will see a…
Read MoreSocial Security Frequently Asked Questions
Social security rules can sometimes be complex and difficult to source. Here we provide answers to some of the social security means testing questions frequently received by our advisers.
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