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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