The financial implications are affected by:
- Aged Care Act 1997
- Social Security Act 1991
- Income Tax Assessment Act 1997
Income, under each legislation, can be defined differently. It is possible to move into an aged care facility and:
- retain the full age pension, and
- retain your loved one main residence as their tax exempt main residence.
So at least the loved one does not need to feel there is no possibility of return to the family home and the family have some time to consider the financial aspect and can focus on what is the best care option for their loved one.
If you would like more information, please Contact Us.