Aged Care Amendment (Residential Care) Bill
The Senate has passed amendments to the Aged Care Amendment (Residential Care)
Bill 2006.The changes will bring into line aged care and pension requirements in relation to income streams from 20 September 2007.
They will ensure that prospective residents who purchased complying income streams after 20 September 2004 on the understanding that 100% of the asset value of those income streams would be exempt from the aged care asset test, are not disadvantaged by the alignment of the aged care assets test with the pension assets test.
As the aged care assets test only applies on entry to an aged care home or moving to another home, existing residents will not be affected by these changes while they remain in the same aged care home.
