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to residential aged care
a positive experience.
Contact us now
We will always
place your elderly
loved one first ......
and help you navigate
the residential care
placement maze.
Have a question about
aged care placement?
Low and High care,
Supported Residential,
Dementia Secure,
Interstate Transfers,
Bond Negotiations,
Respite Placement.
Ask us now
Site Last Updated:
19th March 2013
19th March 2013
Income Tested Fee - Estimate and Calculation
Valid from 20th March 2013
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 (85% 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 $43,000.
|
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 | $67.04 |
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.
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