Get the knowledge you need to make well-informed financial decisions at our upcoming events. Register now.

Loading...

Federal Budget 2018 – Social Security

2018-10-05T09:13:40+00:00

The Pension Loan Scheme allows eligible individuals to access some of the equity in their home or other property via a Government loan. These payments are advanced in fortnightly instalments. Effective 1 July 2019, maximum payments will increase from 100% of the aged pension to 150%.

This article is published by Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215

Federal Budget 2018 – Social Security

Federal Budget 2018 Social Security

Pension Loan Scheme increase to maximum payments

Effective 1 July 2019

The Pension Loan Scheme allows eligible individuals to access some of the equity in their home or other property via a Government loan. These payments are advanced in fortnightly instalments. Effective 1 July 2019, maximum payments will increase from 100% of the aged pension to 150%.

This scheme will be available to all Australians whose property meets eligibility requirements regarding value of the property used as loan security.

Increase in residential aged care funding

Effective 1 July 2018

Residential aged care funding for residential aged care and short-term restorative care places will be increased by $60 million in the coming financial year in support of new places. This is in addition to the $82.5 million to support mental health services for residents of aged care facilities.

Providing better access to aged care

Effective 1 July 2018

An additional 14,000 new high level home care packages will be provided over a 4 year period from 1 July 2018. This is in addition to the 6,000 high level packages delivered in the 17/18 Mid-Year Economic and Fiscal Outlook.

The additional home care packages will be complemented by the release of a further 13,500 residential aged care places and 775 short-term restorative care places.

This article is published by Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.

Testimonials

“There are things I must do in the next five years to make that happen, but I know what they are and am working towards them. This is a much happier prospect than what I believed would be my lot when I reached retirement age.”

Scharlaine

“I will remain with them as they have been great to me for many many years.”

Sharn

“I’ve been a customer for several decades(scary how time flies). The service has always been impeccable, consistent, friendly.”

Colleen

“Very happy with the ease of experience. And extremely happy with my return…much more than I anticipated.”

Angela

“The process suits me perfectly, the details and everything you need from me is provided. You then review and I come in to sign where appropriate. In a busy schedule, it suits me perfectly.”

Richard

“Our business with Modoras is always very professional and friendly making it a pleasure to attend.”

Peter & Merle

“I have recommended Modoras to friends and family. My sister in law is now a client.”

Glenn

“Professional service with the personal care factor.”

Kathy

“We are very happy with the service that Modoras have provided and find all staff very friendly and helpful.”

Tom

“Super friendly staff . Would recommend and have recommended.”

Danielle

“We really enjoy the hospitality every time we visit the office, to meet and talk directly with the ‘Modoras family’ has a huge impact in entrusting our financial future.”

Robert

“We have built an excellent business rapport with our Accountant over many, many years. He has managed both personal and business tax and accounting matters for us. It is a pleasure to attend the lovely office in Mt Gravatt. The Reception staff are friendly and efficient. AND they make a great coffee!”

Rosemary

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

Copyright Modoras 2018. All Rights Reserved.