This can benefit people who are:
- paying an ongoing means tested fee
- paying an accommodation contribution
- whose social security entitlements are reduced under either the assets or income test
- Amounts invested in a funeral bond are asset and income test exempt as long as the amount invested is within the allowable threshold ($13,000 for 2018/19)
- Where both members of a couple invest in a funeral bond of $13,000 each, the assessable assets of the couple can be reduced by $26,000
Things to be aware of:
- If a couple invest in a funeral bond under joint names, the amount invested cannot be more than $13,000 (2018/19) combined to qualify for the exemption.
- Where the person has a pre-paid funeral in addition to the funeral bond, the funeral bond will not qualify for asset test exemption
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