Tax with Max: Planning aged care

We have $2 million in an SMSF – what assistance is available to us for aged care?

Summary: There are two types of aged care assistance – Home Care Agreements for those able to stay in their own homes, and residential care. For Home Care Agreements, the fees are a percentage of the age pension, or a daily care fee calculated by using a self-funded retiree’s annual income. For self funded retirees needing residential care, there is a means tested care fee that is based on income and assets, as well as the payable basic fee, accommodation fees and additional fees for services like hairdressing and pay TV.

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