Vol 3 Ed 6
Volume 3 Edition 6 Newsletter
FINANCIAL CARE SERVICES
Independent aged care, lifestyle and financial advice for seniors
Volume 3 Edition 6 – 28 June 2013
Centrepay the easy way Centrelink income support recipients budget and pay on time.
Centrelink pensioners may have part of each DSP or Age Pension payment transferred
via Centrepay to pay utility bills, rent or regular aged care fees.
The service is free for the Centrelink customer. The retirement village or aged care service, telephone service provider, or utility company is charged an administration fee. The administration fee must not be passed on to the customer.
The retirement villages, or aged care operators and utility service providers must be registered with Centrepay before their customers can pay via Centrepay.
Read more about budgeting and paying bills via Centrepay at http://www.financialcareservices.com.au/christine-hopper-insights/bill-payments-via-centrepay/
Service providers can register for collecting rents and fees via Centrepay at http://www.humanservices.gov.au/spw/business/publications/resources/9247/9247-1205en.pdf
Guaranteed Repayment of Aged Care Accommodation Bonds
Aged Care Accommodation Bonds could be the major asset of an older person’s assets. Aged Care residents and their adult children are rightly concerned about the security of Accommodation Bonds. Yes, the Australian Government does provide a guarantee that all Accommodation Bonds paid to Commonwealth regulated aged care facilities will be repaid.
Read this article to learn more about the financing options for Accommodation Bonds and when the money would be refunded. http://www.financialcareservices.com.au/christine-hopper-insights/accommodation-bonds-for-residential-aged-care/
After the financial year is ends comes income tax reporting time even for aged care residents.
Retirement village, SRS and aged care residents who invested money released from the sale of a former home might now have enough income to start paying income tax again.
In preparation for tax time, taxpayers who want to claim a medical expense rebate need to document relevant expenses.
Remember, if you have already paid an Accommodation Bond then you will need to ask for a statement of Retention Amounts deducted during the 2012/13 tax year. Your regular invoices for residential aged care should show the amounts of aged care fees that have been paid.
Centrelink and DVA send out annual Statements of Pension and Benefit amounts paid during the year to 30 June. Not all DVA payments count as ‘income’ for tax purposes.
Your accountant could help you prepare your own and the aged care resident’s tax return and claim any medical expense rebates for aged care fees. Financial Care Services does not provide taxation advice.
Financial Care Services provides independent financial advice ot seniors in transition.
Financial Care Services Pty Ltd
Independent aged care, lifestyle and financial advice for seniors in Melbourne, Victoria, Australia
Australian Financial Services Licence Number
299570 (check this at www.search.asic.gov.au/fsr/flb.html)
Authorised Representative Number
252529 (check this at www.search.asic.gov.au/fsr/far.html)
Telephone – call +61 3 9808 0338
Email – contact email@example.com
Address – mail or meet at 172 Warrigal Road, Camberwell Victoria 3124
Website – visit www.financialcareservices.com.au
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Past newsletters – see http://www.financialcareservices.com.au/newsletters
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Disclaimer: The information contained in this newsletter is of a general nature only and does not constitute “financial advice”. You should obtain your own personal financial advice before investing any money or moving in to any retirement village, lifestyle community or aged care facility. Financial Care Services is licensed to provide financial advice to individual clients based on their personal situations.
© 2013 Financial Care Services Pty Ltd. All rights reserved.