Financial Update From Alteris Financial Group

May 14, 2020

Alteris Financial Group is one of The Royce’s trusted financial partners. They specialise in Retirement Living and Aged Care financial advice and have worked with and supported many of The Royce residents (both retirement and aged care).

Due to the Coronavirus pandemic financial security has become a focus for many of us and has significantly changed many aspects of our daily life so we spent some time chatting with Robert Craven one of their specialists about some of the initiatives that have been proposed by the government.

Please find below a summary of the initiatives which is general in nature and does not take into account a person’s specific financial circumstances or objectives.

Centrelink/DVA

From 31 March 2020, a tax–free payment of $750 to age and DVA pensioners, other income support recipients (e.g. disability support pension) and eligible concession card holders (e.g. Commonwealth Seniors Health Card). A second $750 will be payable from 13 July 2020.

From 1 May 2020 the deeming rates will be lowered to 0.25% p.a. for financial investments up to $86,200 for couples ($51,800 for singles) and 2.25% p.a. on assets above these amounts. This could result in significant pension increases for part-pensioners & possible access to benefits for some current non-qualifiers.

Superannuation

Account-based pensions and similar products will be able to reduce the minimum pension drawdown by 50% for the 2019 – 2020 and 2020 – 2021 financial years. This is designed to enable people to preserve more capital in volatile financial markets

Care and Support

For urgent cases, the Commonwealth Home Support Programme (e.g. meals on wheels, cleaning and allied health services) can be provided for up to 6 weeks for clients affected by COVID-19, or in self-isolation, without the usual Regional Support Service (RAS) assessments being completed.

ACAT assessments still need to be arranged for Home Care Packages, Respite or Permanent Residential Care by contacting My Aged Care on 1800 200 422 (Monday to Fridays from 8am – 8pm and on Saturdays from 10am – 2 pm).

If you have any financial questions relating to the above, Alteris Financial Group may be able to assist and would be happy to hear from you.

Want more great tips and ideas for retirement living?

Visit Your Sanctuary by Tulich Family Communities for all the latest—from financial planning to health and wellbeing.

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