Forman Financial Services

Aged Care Strategy – Gifting within allowable limits

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

Aged Care & Home Care can seem complex.  We have a special offer for general advice for $225.00.
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