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Date of effect: 1 July 2021
The Pension Loan Scheme (PLS) enables individuals aged 66 or older to get a voluntary, non-taxable loan from the federal government, using their home as security for the loan.
The loan is paid fortnightly, and recipients’ combined pension and loan payments can be up to 1.5 times the maximum pension rate.
The government hope to improve the update of the scheme by:
Payments received from the PLS are not assessed as income for social security and are not subject to tax.
Click here to find out what the experts say about social security changes.
Date of effect: 1 July 2021
The government will invest $17.7 billion in a ‘five year — five pillar’ aged care reform plan addressing:
Click here to find out what the experts say about aged care reform.
Date of effect: 1 July 2021
Changes will be made to the subsidy to provide more support to high-income earners and families with multiple children in care.
Changes include:
Click here to find out what the experts say about social security changes.
Get a Budget breakdown from our experts — an accountant, financial planner, and economist — and find out what the changes and opportunities are for you.
This blog has been prepared by RJS Wealth Management Pty. Ltd. ABN 24 156 207 126. RJS Wealth Management Pty. Ltd. is a Corporate Authorised Representative (No. 438158) of Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licensee (Number 233209). The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individual’s personal circumstances have been taken into consideration for the preparation of this material. Any individual making a decision to buy, sell or hold any particular financial product should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Pty Ltd recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.