Pensioner 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).…

Clarification – RADs not reduced by loans

Loans used to pay a refundable accommodation deposit (RAD) will not reduce the RAD’s assessable value for means-test amount (MTA) calculations. This position has been clarified through changes to the Subsidy Amendment (Flexible Care Subsidy…
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Information for approved providers of residential aged care homes: Additional services, including ‘capital refurbishment’ type fees

The department is aware that a number of providers have charged or are proposing to charge fees for additional services, including ‘capital refurbishment fees’ or ‘asset replacement contributions’ to residents. This information has been…

Changes 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…

Navigating the first year of retirement

While the prospect of retirement is exciting for most, the changes it brings can be a shock. In this article, we share tips that can help you, or a family member approaching or already in their first year of retirement, adjust to your new…

Family advice

Is everyone in your family getting the financial advice they should? Australian families are changing and so are their financial needs. It’s no secret that Australia’s population is growing older — around 15% of Australians are now…
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Economic Challenges of an ageing population

As the Baby Boomers continue to move into retirement, a national discussion about the economic challenges of our ageing population intensifies. With fewer working Australians for each retiree, momentum is building in government and business…
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Happy New Financial Year

As you prepare for the new financial year, use these simple tips to help you make sure your finances are on the right track for the year ahead.

Centrelink 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…
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Protect your family

As the famous world heavyweight champion boxer, Joe Louis once said, ‘Every fighter’s got a plan – until they get hit.” In a similar manner, many people’s best laid financial plans do not hold up well when misfortune strikes. A…

How much tax will your children pay when they inherit your superannuation?

It is well known that superannuation withdrawals are tax free once you reach 60 years of age. What is not well known by retirees, is how your superannuation is taxed when it reaches your end beneficiaries. You may notice on your annual superannuation…

Do you know how much it costs you to live?

Broadly speaking our finances can be broken down in to four categories; assets, liabilities, incomes and expenses. Most clients we see are able to rattle off the first three at the drop of a hat, but often falter when it comes to expenses.…

How safe is your RAD?

Every day, Australians are moving homes to upgrade their accommodation, to relocate for work or family reasons or to try a different lifestyle. The move usually means selling an existing home or borrowing to buy a new home, or perhaps renting…

Granny flat rights… and wrongs

  For some families trying to support ageing parents a granny flat can seem like the perfect solution – parents living safely with children close by to provide help if needed. But what can seem like a simple solution can have significant…

Can you still rent the former home?

The rules for renting your former home became less favourable from 1 January 2016 but this does not mean you have to sell your former home to fund a move into aged care. You will just need to do the numbers more carefully. The new rules If…