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

  • enacted

Part 2
Applicable asset thresholds: General

6 Purpose and application
  • (1) This Part amends the Social Security Act 1964 to ensure that the long-term residential care applicable asset thresholds for the year 1 July 2011 to 30 June 2012—

    • (a) also apply for all later years beginning on 1 July; but

    • (b) are, for the year 1 July 2012 to 30 June 2013, Consumers Price Index (or CPI) adjusted.

    (2) By way of explanation, the applicable asset threshold is the value of assets applied to determine whether a resident assessed as requiring care must use his or her assets to pay the cost of contracted care services provided to the person.

    (3) The principal Act as amended by this Part on 1 July 2012 applies in respect of residents assessed as requiring care before, on, or after 1 July 2012.