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Compensation and Support Reference Library
Departmental Instructions
1998
C12/1998 AGED CARE REFORMS
PENSION ASSESSMENT OF ACCOMMODATION BONDS
PENSION ASSESSMENT OF ACCOMMODATION BONDS
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Background
Definition of an accommodation bond
DVA not involved in calculating bonds
Residents exempt from paying a bond
Option for paying bond
Only new entrants pay bond
Income test assessment of accommodation bonds
Review of income tested cases
Asset test assessment of accommodation bonds
Example assessment of accommodation bond draw down
Review of assets tested cases
Asset assessment of pensioners in aged care prior to 1 October 1997
Transfer of pre 1 October 1997 residents to new rules
Example - transfer to new rules advantageous
Cutoff of pensioner supplement at ten times age pension rate
Bond payable & assessed once only
Amount of bond agreed in writing within 7 days
Transfer and refund of bond
Minimum retention amount
Entry fee agreed but not paid prior to 1 October 1997
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