Navigating aged care rental income | Accurium

Navigating aged care rental income

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In an effort to make aged care means testing fairer and more consistent, the Australian Government announced in the 2015-16 Budget that it would make some changes to the way a residents former home is assessed for aged care means testing. For new residents from 1 January 2016, rental income will be assessed for the aged care means test. This change is likely to increase an affected clients ongoing fees, emphasising the value of financial advice on aged care funding and cash flow management. This article explains the change, how it can impact new aged care residents and the strategies advisers can consider for these clients.


Disclaimer

This information is provided by Accurium Pty Limited ABN 13 009 492 219 (Accurium). It is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.