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What Assets Should You Typically List on the Income and Assets Form?

To enter any retirement villages in NSW and other places, you will need to undergo an Age Care Assessment Team (ACAT) assessment. This assessment will check whether you qualify for receiving government assistance towards age care and accommodation expenses. However, this is not all that the authorities expect. You will also need to submit an Income and Assets form, which will provide details on all your assets and sources of income. If you do not submit this form to the authorities, you might find yourself having to pay the highest fee applicable in the facility. In most cases, officers of the Department of Veterans’ Affairs or the Department of Human Services will scrutinise this form.

Many people might feel that the income they need to specify on the Income and Assets form is the same as their taxable income. But, this is not the case. The authorities have clearly specified the distinct kinds of income that they will be reviewing the Income and Assets form for. Similarly, the authorities have listed all the possible assets that they will be examining the submitted forms for. These assets will typically include:

-        Household contents and personal effects (the authorities will typically value these at $10,000)

-        Investment property

-        Foreign assets (this usually comprises investments, real estate and business interests)

-        Superannuation balances

-        Private trusts, family trusts and private companies

-        Net retirement resort or village entry contributions

-        Special collections (including antiques, stamps and artwork) and,

-        Refundable deposits paid for accommodation in an aged care home

Besides this, the authorities will consider your financial investments as well. These will typically include:

-        Cash

-        Term deposits

-        Cheque accounts

-        Bank, building society and credit union accounts

-        Managed investments

-        Listed shares and securities

-        Friendly society bonds

-        Shares in unlisted public companies

-        Gold and other bullion and,

-        Loans and debentures