News
Covid has bought some challenges to the doors of many of us, here are some useful tips for those about to receive their tax returns and want to improve their financial position in the coming year.
When a person moves into residential aged care this may leave their home vacant or available as an investment property, and land tax may start to apply to the former home.
The rules and rates of land tax vary in each State or Territory. In most cases, land tax is based on the value of land only (not buildings). Some states calculate land tax on a calendar year, others calculate on a financial year. Land Tax does not apply at all in the Northern Territory (NT).
Country to Canberra is empowering young rural women to reach their leadership potential. As a Future2 Ambassador and a regular participant in the annual Future2 Wheel Classic – having already cycled in seven rides – the managing director of Canberra-based Phillips Wealth Partners, Craig Phillips has been fortunate to see first-hand some of the inspiring work Future2 is doing with disadvantaged young Australians.
Chris Lioutas writes "It is fair to say that we finally have alignment between markets and economics with both in a state of flux at present. The alignment could be short-lived (in either direction), or it could be the status quo for the remainder of the year given the uncertainties that lie ahead".
This week the government announced a new emergency leave provision for permanent residential care. Residents who choose to temporarily live with family for the duration of the COVID-19 crisis will continue to have the normal government subsidies paid on their behalf, and won’t be deemed to have used their social leave entitlements.
Whilst these are all admirable and proven ways to reduce CO2 emissions, switching your investment portfolio to sustainable funds is one of the more effective ways individuals can help to promote a more sustainable planet.
As announced by the Federal Government, Commonwealth Home Support Programme (CHSP) service providers are now able to use unspent 2019 20 funding to purchase up to $1000 worth of personal monitoring technology for their vulnerable clients in need of this support during COVID-19.
Keep your finances organised from property and bank accounts to loan repayments, insurance, and estate planning, connect all aspects of your financial world in one place.
Following the recent National Cabinet meeting, the PM stated that “it is not acceptable, fair or compassionate for any residential aged care facilities to ban visits from carers and families.”
A number of measures have been announced to support Australians and the economy in response to the Coronavirus. We have put together some information to summarise the key measures and to assist you in understanding the help that could be available to you.
The Government is helping retirees to manage the impact of volatility in financial markets on their retirement savings by temporarily reducing superannuation minimum drawdown requirements.
The Australian Government has been announcing financial measures in the past week to promote continued support of small business, however, at this stage, they are announcements only and we are waiting for legislation to be passed through parliament to find out exactly how our clients may be able to access these stimulus packages.
The world is watching with concern the spread of the new COVID-19 coronavirus. The uncertainty is being felt around the globe, and it is unsettling on a personal level as well as from the perspective of how markets respond.
While it is daunting to think about physical and cognitive decline in the later part of retirement, it is important to plan for this time, especially if you want to make your own choices and maintain independence for as long as possible.
Getting the balance right between a safe spending rate and having enough income to enjoy retirement takes some careful retirement planning. Investing for a reasonable return is one approach to helping your savings go the distance.
A new online form is available on the My Aged Care website that allows consumers or someone acting on their behalf to: register with My Aged Care and apply for their first assessment online.
Sydney Morning Herald
Home care, residential care, private nurse? What are the practical options for Australians who need help with everyday living as they age?
By Judith Ireland
Health Care Channel
Easing the guilt and emotions associated with a parent or loved entering in residential aged care is a personal and individual journey.
Health Care Channel
Societies attitude to ageing and to dementia have increasingly been shown to affect older people’s sense of confidence, social engagement and positive or negative identity.
RIOTACT
The pace of our lives these days, and the fact that many families do not live close to each other, means that this time of year is an important chance for us to reconnect and check-in to see how people are travelling. It’s also a time of reflection. A chance to plan for changes in circumstances, for individuals and families.
Health Care Channel
Two days before Christmas, the Federal Government announced the specialised teams who assess senior Australians for home care will be streamlined and privatised. These changes are proposed for 2021.
We wanted you to be the first to know that Future2 has just awarded $191,066 in new grants to 20 not-for-profit organisations.
Currently the law allows individuals to accumulate unused concessional contributions. The accrued amounts can be carried forward to enable them to be made in excess of the annual cap in future years.
An interesting conversation with aged care manager, Michael Giugni, focused on understanding how management approaches the cultural, spiritual and social needs of people living in the home.
This trend has triggered an increase in interest in ‘granny flat arrangements’. I spoke with lawyer, Jo Twible, Principal, KJB Law, and retirement village entry and exit specialist, about preparing for a win-win situation when entering into a ‘granny flat arrangement’.
The key point for long-term investors is that markets are volatile by nature. Stocks go up and down as information and expectations change. Sometimes, this happens very gradually. Other times it happens more suddenly
This guide aims to set you up to access entry-level subsidised care while waiting on the national queue to access a Home Care Package.
As we approach the end of another year many people will be looking forward to the festive season and the chance to slow down and catch up with family, particularly elderly parents. Busy lives and distant homes can make it easy to feel out of touch. Sadly, at this time of year adult children may also begin to notice changes in their ageing parents.
Home Care Packages can be an option if you need a coordinated approach to the delivery of your help at home. You’re expected to contribute to the cost of your care if you can afford it. Your contribution is made up of three types of fees explained in this article.
A granny Flat Right is a viable consideration for senior Australians when considering their accommodation options when they are either struggling to cope living independently due to health or financial reasons or simply want to be closer to their family.
Senior Australians looking to move into residential aged care will be expected to pay more for the accommodation payment.
The Coalition Government has been re-elected in the 2019 Federal Election, with a small majority of seats in the House of Representatives, after taking a policy of stability for superannuation to the election.
In Australia, the government heavily subsidises the cost of residential aged care. However, depending on your financial circumstances, you may still need to pay for care.
In this newsletter, we unpack how the government determines if a person is eligible for additional financial subsidies or not.
Planning ahead can help to demystify aged care and reduce stress levels. With awareness and pre-planning, you can maintain control and choice, have access to the financial resources to pay for care and minimise the stress on you and your family. Using a simple action plan, this article helps you prepare for when you may not be able to look after yourself and need extra supportive care.
Craig Phillips of Phillips Wealth Partners explains by layering an annuity with other retirement income streams, you can achieve the best of both worlds, with enough income certainty to give you peace of mind and a degree of flexibility with your other investments.
According to Craig, a senior financial planner and aged care professional™ for some senior Australians “gifting may seem like a good idea at the time to help out family members, but the implications for the parents as they are entering permanent residential aged care as they are often unable to afford the aged care facility of choice because they were unaware of the high cost involved.”
Most fees in residential aged care are regulated by government, but more and more care providers are charging for additional services – so check what you are paying for.
We’re delighted to announce we have introduced a great new platform to help you manage your entire financial world - at home and on the go.
Luisa Capezio, CEO and aged care navigator at Independent Care Solutions. At Independent Care Solutions Pty Ltd it is our job to help individuals and families navigate the aged care system to find the best solution for loved ones who need support to stay at home or are ready to take the next step into residential aged care. www.icares.com.au
The Future2 wheel Classic rolled out today!
This is my 6th Wheel Classic and I am just as inspired by the work the Future2 Foundation achieve today as I was when my journey with them started .
Irrespective of whether you are a full- or part-pensioner, a self-funded retiree or still working, if you are over the aged pension age (65 years old) it is worth investigating your eligibility to access a level of government subsidisation to support a home care package.
Planning your retirement is likely to be exciting. While it may be less fun to think about the potential for physical and cognitive decline in the later part of retirement – our frailty years - this is an important period to plan for if we want to maintain independence for as long as possible.
Consumers need to have greater confidence in the quality of aged care services with the right to expect that their personal needs and choices will be adequately met.
This has been difficult for government to regulate and assess so the Department of Health has drafted new standards for quality care. If adopted, these standards will consistently apply across home and residential care and replace the existing accreditation standards.
With life expectancies in Australia continuing to rise, you need to make sure your retirement savings can last the distance.
Australia
How much do you need to fund your ideal retirement? We take a look at how much income you may need, and what to consider after you retire.
An interview with Louise Biti of director, Aged Care Steps telling how to navigate the three Gs of moving into residential aged care.
For investors, it can be easy to feel overwhelmed by the relentless stream of news about markets.
Being bombarded with data and headlines presented as impactful to your financial well-being can evoke strong emotional responses from even the most experienced investors. Headlines from the ”lost decade”[1] can help illustrate several periods that may have led market participants to question their approach.
With the end of the financial year fast approaching, now is the perfect time to ensure everything is in place for your SMSF before 30 June. The following are some superannuation strategies that you might want to know more about to get the best out of your SMSF.
Canberra Times
A new industry called "aged care navigation" seeks to reduce the strain on home care and residential care applicants by effectively taking over their bids for an allocated place.
Canberra Times
Aged care navigator and chief executive of Independent Care Solutions, Luisa Capezio, said it was important for prospective aged care home residents to do their research when it comes to a facility's history.
From 1 February 2020, it is called Services Australia and the website is www.servicesaustralia.gov.au
The latest Home Care Packages Program Data Report shows that despite a significant number of new home care packages being released over the last year, the wait is still long.