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Retirement Planning2018-07-13T13:39:22+10:00

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Retirement Planning

Federal Budget 2019: Aged Care

Federal Budget 2019: Aged Care Federal Budget 2019 Initiatives: Aged Care A record $21.6 billion has been allocated towards providing higher quality aged care. Increasing Funding for Aged Care Effective 1 July 2018 The Government will provide $724.8 million over five years from 2018-19 to fund improvements in residential and home care services, including: a one-off increase to basic subsidy for residential aged care recipients from 2018-19 and 13,500 additional residential aged care places 10,000 additional home care packages from 2018-19. Home care packages to be provided across the four package levels an increase to the dementia and the veterans' home care supplements funding to strengthen aged care regulation. Extension of Commonwealth Home Support Programme Effective 1 July 2020 The Government will provide &5.9 billion to extend the Commonwealth Home Support Programme (CHSP) funding arrangements. Funding for the CHSP was due to cease on 30 June 2020. The new funding will extend the program until 30 June 2022. The CHSP Contributes to essential home support services, such as meals (Meals on Wheels), personal care, nursing, domestic assistance, home maintenance, and community transport, to assist older people to keep living independently in their own home. The SIS Act will be updated to enable the number of fund members in new and existing Self-Managed Superannuation Funds (SMSFs) to increase from a maximum of four to six. Simplification of Aged Care Forms Effective May 2019 The Government announced it will simplify the means testing forms that need to be completed

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Financial Planning and Credit services are offered through Modoras Pty Ltd ABN 86 068 034 908. Australian Financial Services and Credit Licence No. 233209.
Accounting services are offered through Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215, Modoras Accounting (VIC) Pty Ltd ACN 145 368 850 and Modoras Accounting (SYD) Pty Ltd ABN 18 622 475 521

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