Navigating the end of the financial year: A guide for seniors
As the end of the financial year is right upon us, it’s the perfect time for seniors to get a handle on their finances. Navigating tax time, understanding your entitlements, and knowing your financial obligations can seem overwhelming – but it doesn’t have to be.
In addition to breaking down your aged care-related obligations and entitlements, we’re providing some general tips to help you tackle the end of the financial year with ease and confidence.
Tips for seniors at tax time
Tax time can be stressful, but with a bit of preparation, it can be a breeze. Here are some tips specifically tailored to seniors.
Learn about tax deductions for seniors
Seniors and retirees may be eligible for a special seniors and pensioners tax offset. For more information from the Australian Tax Office (ATO), click here.
Keep detailed records
Maintain records of any form of income, expenses, and any government benefits you receive. This will make it easier to complete your tax return and ensure you claim all your entitlements.
Use online tools
The Australian Taxation Office (ATO) offers calculators and tools to help you with your tax and super, allowing you to filter results by audience, topic, and year. These tools can simplify the process and ensure you don’t miss any important details.
To access these online tools, click here.
Seek professional advice
If you’re unsure about your tax obligations or entitlements, consider consulting a tax professional. They can provide personalised advice and ensure you comply with all tax laws.
For the Australian Government’s advice on finding and using a tax practitioner, click here.
Understanding your entitlements
Have you explored the entitlements available to help you stay at home and live your healthiest, happiest life? If not, spoiler alert – do it now!
There are various government-funded programs available to seniors (eligibility criteria applies). These programs offer different levels of support based on your needs.
If you’re ever confused about what you are entitled to and how eligibility is assessed, please reach out to us. We’re more than happy to help – even if you’re not a Feros Care client.
Home Care Packages
A Home Care Package (HCP) provides a range of services to help you maintain your independence and make daily life easier. Providing you are eligible, these packages are subsidised by the Australian Government, and the level of subsidy depends on your assessed care needs.
If you currently have a Home Care Package with unspent funds, we recommend you use them now. The upcoming aged care reform means that seniors with unspent funds in their HCP may face changes in how those funds can be used. To ensure you benefit from your full entitlements before any potential changes take effect, speak to your aged care provider now. For Feros Care clients, please contact your Wellbeing Manager, or call 1300 461 461.
Commonwealth Home Support Program
The Commonwealth Home Support Program (CHSP) is a government-subsidised program providing entry-level support to help those who need a little extra help to stay at home. It is ideal for seniors who do not yet require a Home Care Package, which provides higher-level support.
Understanding your financial obligations
While government programs such as Home Care Packages and the Commonwealth Home Support Program can significantly offset your care costs, there may be out-of-pocket expenses to pay. Knowing your financial obligations upfront can help you plan better and avoid unexpected surprises.
Here is some information about these obligations and organising the support you need – without blowing the budget.
Home Care Packages
For Home Care Packages, you might be required to pay an income-tested care fee, depending on your financial situation. To learn more about Home Care Package-related fees and processes, click here.
Commonwealth Home Support Program
Whilst the government subsidises most of the Commonwealth Home Support Program and it is not income tested, you may need to pay a contribution towards each service you use. To learn more about CHSP-related fees and processes, click here.
Residential care
If you or your loved one is living in / considering moving into a residential village, understanding the accommodation costs and what may be covered by the government is vital. These costs can vary depending on the type of accommodation and the level of care you require.
To learn more about our residential care fees and processes, click here.
Feros Care Is Here to Help
We pride ourselves on being fully transparent with fees and are always happy to discuss any questions you may have about aged care.
Our friendly team can:
- Help you understand your options with government-subsidised care at home.
- Explain how much funding you may receive from the government.
- Explain the differences between Commonwealth Home Support Program and Home Care Packages (or click here for a ‘cheat sheet’).
- Provide guidance to help you understand fees.
- Outline the process involved in getting assessed.
- Provide a referral to My Aged Care to get started.
We will explain things simply and thoroughly so that you can get back to doing what matters most; living a happy, healthy, and bold life!
