With the end of the 2023 financial year approaching, we would like to draw your attention to some things worth considering in relation to you, or your family’s needs, involving access to Government benefits and/or accessing aged care services.
As always, we are here to assist you. If you have any questions about the issues mentioned in this email, please don’t hesitate to contact us.
Things to consider:
- Applying for Centrelink or DVA benefits – the Government provides a wide range of benefits to assist with meeting day-to-day living expenses for members of the general public, and for veterans and their families.Benefits may include the payment of pensions, allowances, and income support payments like the Family Tax Benefit, and Child Care support.
If you need assistance in determining what benefits you may be entitled to, and how to apply for them, please let us know.
- Reviewing assets and income – many benefits provided by the Government are means tested. They are subject to both an assets and an income test.To ensure you are receiving your correct entitlements, a regular review of the current value of your income and assets is prudent.
- Gifting – involves giving away something you own for less than its fair value. Limits are placed on the amount that may be gifted each year, and over a five-year period, without it having an adverse effect on the benefits you may be receiving.Before giving away money or property, or even going guarantor on a loan, please speak with us.
- Reviewing your dependants –Government payments are based on your relationship status – whether you are single, a member or a couple, or a couple separated by illness.Also, the amount of benefit you may be entitled to may increase if you have dependants. Ensuring that Centrelink or the Department of Veterans Affairs has the correct information of your family will ensure you are receiving your correct entitlements.
- Commonwealth Seniors Health Card (CSHC) – this card is available to those who have reached the eligible age for the age pension but are unable to receive the pension because of the assets or income test. The card provides a range of benefits including access to bulk-billed medical services and subsidised pharmaceuticals.Eligibility for a CSHC is subject to an income test, however it is not assets tested.
- Low Income Heath Card (LIHC) – if you are a single person with an income of less than $702 per week, or a couple with a combined income of less than $1,204 per week, you may be entitled to a LIHC. Higher income limits apply to singles and couple with dependent children. The card is not subject to an assets test. This card provides access to a range of services including bulk-billed medical services and subsidised pharmaceutical items.Importantly, you do not need to receive Government income support benefits to qualify for a LIHC.
- Aged Care – with an ageing population it is little wonder that more and more Australians are being touched by the need to arrange aged care services – both in-home and residential accommodation – for family members.The aged care system is complex, particularly when it comes to understanding the types of services available, and the costs involved in accessing services.
Whether a family member is receiving an age or service pension, or a self-funded retiree, we can assist you in working through the aged care maze.
This is a snapshot of some of the things taxpayers should consider as they approach the end of the 2023 financial year.
If you still have questions about any of the issues raised, or if you would like to review any aspect of you or your family's aged care financial advice, please don't hesitate to contact Approved Finance, a leading source for tailored personal financial advice today! Call us on 1300 761 957 or reach out online.
Disclaimer
The information in this article is general and does not take into account your particular circumstances. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.
The information provided in this communication has been issued by Centrepoint Alliance Ltd and Ventura Investment Management Limited (AFSL 253045).
The information provided is general advice only has not taken into account your financial circumstances, needs or objectives. This publication should be viewed as an additional resource, not as your sole source of information. Where you are considering the acquisition, or possible acquisition, of a particular financial product, you should obtain a Product Disclosure for the relevant product before you make any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. It is imperative that you seek advice from a registered professional financial adviser before making any investment decisions.
Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Centrepoint Alliance Ltd nor its related entities, guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution.