CPA Australia provides guidance on aged care advice
As Australians are increasingly seeking professional advice about the financial issues surrounding aged care for their elderly parents, CPA Australia has issued guidelines for its members on the areas covered by financial services licensing.
CPA Australia, with input from its Financial Advisory Services Centre of Excellence, has developed a set of guidelines to assist members providing professional advice about aged care issues.
The guidelines provide information about:
· private accommodation/hostels and nursing homes
· ongoing fees at hostels and nursing homes, and
· guidance in all these areas as to which aspects are affected by licensing
The CPA advises that members who are not licensed need to be especially aware of where the limitations are with the advice they provide.
Accountants are able to advise about credit facilities and property, whether or not they are licensed to provide advice on financial products. They can also provide information relating to Centrelink entitlements.
Those members who also offer financial planning services can advise on strategies to maximise age pension entitlements and advise on sale or purchase of financial products.
For more information visit www.cpaaustralia.com.au
