Social Security (Long-term Residential Care—Budget Measures) Amendment Bill

  • enacted
7 Schedule 27 amended
  • In Schedule 27, replace clauses 1 and 2 with:

    1 Applicable asset thresholds
    • (1) This clause specifies the applicable asset thresholds that apply annually for the year 1 July 2012 to 30 June 2013 and for all later years beginning on 1 July.

      (2) Threshold A is $213,297 and applies to every resident assessed as requiring care—

      • (a) who has no spouse or partner; or

      • (b) whose spouse or partner is also a resident assessed as requiring care; or

      • (c) whose spouse or partner is not a resident assessed as requiring care but who has elected, under clause 2, to have Threshold A apply to him or her rather than Threshold B.

      (3) Threshold B is $116,806 and applies to every resident assessed as requiring care—

      • (a) whose spouse or partner is not a resident assessed as requiring care; and

      • (b) who has not elected, under clause 2, to have Threshold A apply to him or her.

    2 Certain residents may elect which threshold to apply
    • (1) A resident assessed as requiring care whose spouse or partner is not a resident assessed as requiring care may elect to have Threshold A in clause 1 apply to him or her instead of having Threshold B in clause 1 apply.

      (2) A resident's election before 1 July 2012 and under this clause (as in force before 1 July 2012) to have Column A of the table in clause 1 (as in force before 1 July 2012) apply to him or her is, after 30 June 2012, treated as an election to have Threshold A in clause 1 apply to him or her.