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

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.”