This can benefit people who:
- are receiving a social security payment and residing in aged care, who have a grandfathered account based pension
- May increase entitlement to pensions or allowances under the income test
- May reduce aged care fees due to reduction in assessable income
Things to be aware of:
- person requiring amounts exceeding the minimum have a choice between making commutations or increasing pension payments. Need to compare:
- Commutations: not included in assessable income however cause permanent reduction in deductible amount
- Increasing pension payments: included in assessable income, however timing increased payments towards end of financial year, minimises amount assessable. Important to provide a new Centrelink schedule for the following financial year ASAP
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