Income Tested
Fee - Estimation
We would like to thank our
professional partners and friends (Ms. Susan Woodruff CFP BSc.(Hons) and Ms. Anna
Lawton A. Fin Dip FS (FP) at
LifeTime Planning - Corporate Rep No. 323995 for the following table to provide
you with an estimation of the income tested fee.
This table should be
used as a guide only and we recommend that you discuss your individual situation
with a financial advisor.
VALID FROM July 1st ...... September 20th
2008
| Financial
Assets
*1
| Deemed
Income
*2 *3 |
Means
Tested
Income
based on
Assets
*4
|
Allowed
Income | Tested
Income
| Income
Tested
Fee
Yearly |
Income
Tested
Fee
Daily | |
$73,467 | $3,588 | $14,368 | $17,955 | $0 |
$0 | $0.00 | | $97,795 | $5,048 |
$13,784 | $17,955 | $876 | $365 | $1.00 |
| $120,000 | $6,380 | $13,176 | $17,955
| $1,788 | $745 | $2.04 | |
$220,000 | $12,380 | $10,776 | $17,955 | $5,388
| $2,245 | $6.15 | | $320,000 |
$18,380 | $8,376 | $17,955 | $8,987 | $3,745 |
$10.26 | | $500,000 | $29,180 | $1,565
| $17,955 | $12,790 | $5,329 | $14.60 |
| $500,000 | $29,180 | $4,130 | $17,955
| $15,355 | $6,398 | $17.53 | |
$700,000 | $41,180 | $0 | $17,955 | $23,412 |
$9,755 | $26.73 | | $1,000,000 | $59,180
| $0 | $17,955 | $41,412 | $17,255 | $47.27
| | $1,138,835 | $67,510 | $0 |
$17,955 | $49,554 | $20,648 | $56.57 |
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 $41,000
of financial assets are deemed to earn 4% and everything above $41,000 is deemed
to earn 6% (first $68,200 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.
*5 some exemptions
apply - speak with an aged care financial planner to discuss your individual situation.
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.
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