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Budget 2012 residential care subsidy threshold changes

In addition to tax changes outlined in Talk Tax, Budget 2012 also changes how annual increases to exempt asset thresholds are calulated.   An annual flat $10,000 per year increase, which was to apply until 1 July 2025, has been replaced with an annual CPI adjustment.

This little hearalded move means that the asset thresholds that would have increased from $210,000 and $115,000 (the lower limit, which is not available to all applicants, is in addition to the family home and car) to $220,000 and $125,000 on 1 July 2012; will now (presuming amending legislation is enacted in current form) increase on 1 July 2012 to the lesser amounts of $213, 297 and $116,806 resepctively.

The changes to the thresholds mean that it will take longer for some applicants to become eligible for a residential care subsidy.

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