A: Read on …
Ten points if you guessed the answer as the age pension and aged care assets test.
The assets test thresholds changed from 20 September 2016 – this was a ‘normal’ quarterly review of the thresholds and is likely to impact only a small number of people who receive the age pension or aged care payments from the commonwealth.
Of far greater significance are the new assets test thresholds to apply from 1 January 2017. The changes are complex and it’s estimated 300,000 retirees will lose their age pension. On the plus side, some pensioners will see their pension payments increase.
What to do?
If you receive a letter from Centrelink (Department of Human Services) regarding the assets test, your pension or aged care payments, please contact us here at The Farm Protectors URGENTLY. We’ll review your situation and may be able to recommend options to ensure you remain eligible for at least a part pension.
Simply contact Gary on (03) 5441 8043 or Stephen on (03) 5022 8118.
If these changes don’t affect you but you have elderly relatives or friends who may be unsure what to do, please pass this email on to them.