Aged Care Strategy - Gifting within allowable limits 29 Aug 2018

Blog / Aged Care

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
Potential Benefits:
  • Amounts gifted within allowable thresholds are not assessable for social security or aged care means testing purposes
  • Gifting can assist in reducing a person’s means tested amount at the date of entry below the threshold (currently $56.14 per day) where they qualify as a low means resident
  • Gifting may reduce ongoing means tested fees and/or accommodation contributions
Things to be aware of:
  • Allowable gifting thresholds (applying to singles and couples):
    - $10,000 per financial year, or
    - $30,000 over 5 financial years
  • Any amounts gifted over the thresholds will no longer be assessable after 5 years from the date of the gift



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Disclaimer and Warning
The information above is of a general nature only.  It should not be used as a source to make financial decisions.  It's also important to note that the legislation and figures related to this topic tend to change regularly and therefore the information above may not reflect the current status.  We recommend that if you are looking for advice on this matter, you should contact us .

 


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SOLOMON FORMAN SMSF SPECIALIST ADVISOR SMSF SPECIALIST AUDITOR Forman Financial Services SOLOMON FORMAN CERTIFIED FINANCIAL PLANNERĀ® Forman Financial Services
 
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