Example assessment of accommodation bond draw down | Compensation and Support Reference Library, Departmental Instructions, 1998, C12/1998 AGED CARE REFORMS , PENSION ASSESSMENT OF ACCOMMODATION BONDS

You are here

Example assessment of accommodation bond draw down

Document

Bernard pays an accommodation bond of $30,000 upon entry to a hostel.  Under the terms of his accommodation bond agreement, the hostel will retain the allowed $2,600 per year for the first five years.  As an example of a case reviewed six monthly, the amount of the bond held as an asset in Bernard's pension assessment would be as follows:

First 6 months$30,000

6 months - 12 months$28,700

12 months - 18 months$27,400

18 months - 2 years$26,100

2 years - 2 years 6 months$24,800

2 years 6 months - 3 years$23,500

3 years - 3 years 6 months$22,200

3 years 6 months - 4 years$20,900

4 years - 4 years 6 months$19,600

4 years 6 months - 5 years$18,300

5 years and onwards$17,000