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Income Tested Fee - Estimate and Calculation

Valid from 20th September 2011

The income tested fee is one of the daily fees that a resident may be required to pay in a Commonwealth subsidised residential aged care home.

These are (1) basic daily fee (84% of full pension) and (2) income-tested fee.

These care fees are your contribution to your daily costs (meals, laundry and cleaning, personal and nursing care).

The amount you pay for the income tested fee will depend on your income. Those with an income above the maximum possible income of a full pensioner will pay the resident contribution (basic daily fee) and also an income-tested fee.

Note: Accommodation payments may also be payable if you have assets over $40,500.

Financial Assets *1	Deemed Income 2 3	Estimated Age Pension	Allowed Income	Tested Income	Income Tested Fee Yearly	Income Tested Fee Daily
$96,044	$3,692	$18,229	$21,125	$796	$0	$0.00
$99,600	$3,852	$18,149	$21,125	$876	$365	$1.00
$200,000	$8,370	$15,890	$21,125	$3135	$1,306	$3.58
$300,000 homeowner	$12,870	$13,471	$21,125	$5,216	$2,173	$5.95
$300,000 non homeowner	$12,870	$13,640	$21,125	$5,385	$2,244	$6.15
$500,000 home owner	$21,870	$5,671	$21,125	$6,416	$2,674	$7.32
$500,000 non home owner	$21,870	$9,140	$21,125	$9,885	$4,119	$11.29
$750,000	$33,120	$952	$21,125	$12,947	$5,395	$14.78
$1,000,000	$44,370	$0	$21,125	$23,245	$9,686	$26.54
$1,692,422	$75,529	$0	$21,125	$54,404	$22,670	$66.43

Notes:

*1 Financial assets such as bank accounts, managed funds, loans, bonds, debentures, shares and gifts over $10,000 in any one year are deemed.

Excluded from financial assets are accommodation bonds, your family home, contents, holiday home, investment property, car, boat, caravan, pre-paid funerals, and gifts up to $10,000 per year.

*2 The first $42,000 of financial assets are deemed to earn 3% and everything above $42,000 is deemed to earn 4.5% (first $70,000 for couples).

*3 If other income is received such as superannuation, overseas pensions, allocated pensions, rental income *5, and certain types of annuities - this income will need to be added in order to calculate the income tested fee.

*4 Includes means tested pensions such as the Centrelink age pension and DVA service pensions.

This income tested fee information should be used as a guide only and we recommend that you discuss your individual situation with a qualified aged care financial advisor.

Family Testimonials

My sincere thanks to you for just 'being there' at a time when relatives feel so vulnerable, having to deal with the mercenary side of their aged parents needs. I have total confidence in recommending your services should any of my friends be in a similar position. It has taken a huge weight off me, as not being well myself at this time, I found it all very draining. Thanking you once again for your very prompt and effective service and wishing you every success in the future. Kind regards

Leonore (22nd Nov 2011)

Thanks for all you have done for us

Mr. Anthony Severn (4th Feb 2011)

Again let me thank you for your professionalism and efficiency in these negotiations and I add a final note of gratitude from the Doyle Family, as we applaude the result. Our Father, now I'm sure, will settle down and be well looked after in this facility and we'll continue to keep a watchful eye over him in his new home.

Mr. Chris Doyle (10th Aug 2010)

Thanks for your assistance with helping us find a great place for mum and dad. kind regards.

Mr. Stephen Meurs (12th Jul 2010)

You guy's did a great job - having people who know the business acting for us made a world of difference.

Martin Krygsman.(27th May 2009)

more testimonials ....

Income Tested Fee - Estimate and Calculation Valid from 20th September 2011

Income Tested Fee - Estimate and Calculation

Valid from 20th September 2011