HomeFinanceJune 2015 Government update

June 2015 Government update

The end of the Seniors Supplement will see CSHC holders lose money, while regular indexation to the asset thresholds may see more people qualify for a part Age Pension.

Income and asset indexation

Indexation of disqualifying asset and income limits, which occurs on 1 July, may mean that those who have narrowly missed out on a part Age Pension now qualify. Details of the new rates will be published on YourLifeChoices as soon as they are available.

For full details of indexed limits, visit YourLifeChoices.com.au

Expansion of consumer directed care packages

Since August 2014, home care packages have been progressively introduced. From 1 July this year, all home care packages will be delivered as consumer directed care, which will allow the recipient to tailor the package to suit their individual needs.

Packages are coordinated by the home care service provider, which will hold the home care budget on the client’s behalf and agree on the services required with the carer and client.

Find out more at Myagedcare.gov.au

Pension asset thresholds and taper rate changes

Changes to the asset thresholds and the pension taper rate, which were announced in the 2015/16 Federal Budget, have been passed as legislation.

The changes will mean that part Age Pensions will reduce for 235,000 people and about 90,000 will lose their part Age Pension altogether. An estimated 170,000 age pensioners will be better off thanks to the raising of the lower asset threshold.

Read more at YourLifeChoices.com.au

Cessation of Seniors Supplement

Legislation that passed the Senate on 22 June 2015 will see around 300,000 self-funded retirees who do not qualify for an Age Pension but hold a Commonwealth Seniors Health Card lose the Seniors Supplement.

The quarterly payment, which amounts to $894.40 annually for single pensioners, will cease, with the last payment likely to be made on or after 20 June 2015.

Find out more at HumanServices.gov.au

Annual Carer Supplement

The annual Carer Supplement of $600 will be paid on 1 July 2015 to those receiving an eligible payment. You may receive more than one Carer Supplement if you receive the Carer Allowance for more than one person in your care.

Recent changes mean that even if your eligible payment has been reduced to nil because of earnings, you will now receive the $600.

Find out more about the Carer Supplement at YourLifeChoices.com.au

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