If you’re enjoying a well-earned retirement, or looking out for the interests of your parents who are, there may come a time when rest home care is required, and you have to deal with funding the cost of that care.
There is government support available in the form of the Residential Care Subsidy, but there are tests that determine whether or not you are eligible for this.
The rules around eligibility for the Residential Care Subsidy are an area where there are a lot of myths and misunderstandings. Hopefully we can help provide some clarity in this article - and of course talk to us at GRA if you would like help with these issues.
With that in mind, if you are looking at an application for the subsidy for you or a loved one, it is worth noting the following points.
Two tests: There are two tests that get applied in order to assess whether or not you are eligible. First there is an asset test. Second there is an income test.
What should be coming through loud and clear here is that the rules in relation to the Residential Care Subsidy are complex. As with most things, it’s best to get advice sooner rather than later if you foresee this as an issue, so you know where you stand.
As always, GRA will be happy to provide advice in relation to the Residential Care Subsidy. You can contact us via our online form, by phoning +64 9 522 7955, or via email at [email protected].
This letter is to express my appreciation for the assistance and encouragement of both Anthony Lipscombe and particularly John Heaslip over the last financial year. The period since activating my trading trust has been one of considerable stress, as well as personal development, as I embarked on this as a relative business neophyte with virtually no awareness of the contemporary requirements of running a business, particularly the financial records aspect. During much of this period I have therefore felt considerable out of my depth. However I have been lucky enough to have had the benefit of the advice and support of John Heaslip in rationalizing what was a fairly chaotic set of records of the first year property trading. I am able to say that John in particular, has been unstinting in his attention to my needs and has done so in a manner which has never alluded to my extremely rudimentary grasp of managing a business, or even of being unable to set out a spread sheet properly. The result of the above guidance is that now, although my trading trust would still not be able to operate without the advice of GRA, I do least feel a sense of satisfaction that I have got to my present point without major disaster and that my property trust does now have some kind of firmer basis for any future activities - Name withheld by request
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.
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