What Does Deemed Income from Financial Investments Typically Include?

As mentioned earlier, people desiring to enter an aged care facility in Sydney or another place will need to go through an Aged Care Assessment Team (ACAT) assessment. Thereafter, they will need to fill out an Income and Assets form. Officers of the Department of Veterans’ Affairs or the Department of Human Services will review the form. Based on the information provided, they will compute the amount of government assistance that you will receive towards your aged care and accommodation expenses.

There is no fixed time by which these officers will be able to complete going through the Income and Assets form that you have submitted. Rather, the time it will take these officers to review your form will depend on the kind of assets that you hold. This is why it is imperative that you fill in all the part of the form that you need to complete properly and legibly. In addition, you will need to sign the form in the places specified. Lastly, you should ensure that you enclose all the required supporting documents along with the form. Incomplete forms, forms without the required documents and unsigned forms will take longer to process. Therefore, ensure that you double-check your form before you submit it.

The authorities have specified various kinds of income that you will need to list in the Income and Assets form. One of these goes by the name of ‘Deemed income from financial investments’. Deemed income is a term that denotes income expected or estimated from various financial sources. For instance, your bank accounts and other financial investments will earn a specific rate of income. This is regardless of what they might actually be earning. Therefore, under the heading of ‘Deemed income from financial investments’, you will need to specify income earned from:

–        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

However, it is worth highlighting that your financial investments will not include:

–        Your home and its contents

–        Your cars, boats and caravans

–        Any antiques that you possess (including coin and stamp collections)

–        Your standard life insurance policies

–        Any holiday homes, farms or other real estate that you possess and,

–        Any refundable deposits or accommodation bonds that you hold