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The type of concession card you may be eligible for is based on your age and circumstances. A Pensioner Concession Card (PCC) is issued to pensioners, a Low Income Health Care Card (LIHCC), is issued to someone on lower income, regardless of their age, and a Commonwealth Seniors health Card (CSHC), is available to someone who is above age pension age and doesn’t qualify for any social security payment.
The lump sum that you pay for your room (known as the Refundable Accommodation Deposit or RAD) comes back to your estate when you pass away. If you have paid a lump sum for your room in a residential care facility, you give up access to this money whilst you are in care, but these funds remain part of your estate which can be left to your beneficiaries. The full amount is refundable (unless you have allowed any ongoing care fees to be deducted instead of paying these costs via your bank account).
Join us as we celebrate 30 years on radio with FiveAA Thursday 29th March at 3pm. Our advisers now join the fabulous Jade Robran every second Thursday at 3pm to shine a spotlight on financial planning topics and answer your questions. We are now being live-streamed via Facebook and Twitter. Follow the link on the FiveAA homepage.
There have been many complaints regarding the amount of administration fees some providers have been charging clients for managing their home care packages. This has resulted in less care package funds being available to be used for what they are intended: help around the house, personal and clinical care, assistive equipment, and other supports to help people stay safe and independent at home.
Financial Planning Week is an opportunity each year for the community to understand a little more about what a professional financial planner does, and what benefits they can provide. Here at Goldsborough, we have a 30-year history of providing quality advice, service and support to many thousands of clients over that journey. Many have been clients for well over 10 years for some of the reasons that recent research(1) conducted by the Financial Planning Association confirmed.
What is deeming? Services Australia (Centrelink) use “deeming” rules to work out income from your financial assets. The actual “deeming rate” (refer below) is the rate of income the government assumes a person's financial assets have earned. It forms a part of the income test for certain Centrelink payments, including the Age Pension. It can affect how much Age Pension a retiree receives.
Depending on your level of assets and income, you may be asked to pay a means tested care fee in addition to the other costs associated with aged care. The means tested care fee is a contribution toward your day-to-day care costs such as nursing and personal care. This fee applies whether you are receiving a home care package (based on income only) or you are in residential aged care (based on income and assets).

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Once owners of a small business decide it’s time to sell, knowing the rules around capital gains tax (CGT) may mean no tax on the sale and getting more money into super – potentially up to $1.705 million (the CGT Cap) – even if they’ve already reached the $1.9 million total super balance (TSB).
The Stage 3 tax cuts have been to the butcher shop and carved into new cuts. What has been minced is the political element of this, i.e. broken promises, bracket creep, rich people were getting too much, low-income earners need it to meet cost of living etc., but if we slice through the politics, there’s way more to consider…