Age Pension calculatorThe following rates and thresholds impact residents who enter an aged care facility on or after 1 July 2014.
Key Topics
Fee Amount Basic daily care fee
$61.96
Thresholds are current for the period: 20 Mar 2024 – 19 Sep 2024
Payable by all residential aged care recipients.
Means tested amount is Income test contribution + asset test contribution Income test contribution is (Total assessable income - $33,027.80) x 50% ÷ 364 Total assessable income includes Income assessable for Centrelink/DVA purposes
Centrelink/DVA income support payments for singles and members of an illness separated couple (less minimum pension and energy supplements of $1,508.00 pa each)
DVA war widows pension (no qualifying service) less 4% GST supplement
DVA disability pension (recipient or partner no qualifying service) less 4% GST supplement
Thresholds are current for the period: 1 Jul 2024 – 19 Sep 2024
Asset test contribution
Assets included in asset test contribution 17.5% of assessable assets between $59,500 and $201,231.20 1% of assessable assets between $201,231.20 and $484,693.60 2% of assessable assets above $484,693.60
Thresholds are current for the period: 20 Mar 2024 – 19 Sep 2024
Total of the calculated amount above is divided by 364.
Assessable assets Assets assessable for Centrelink/DVA purposes Refundable accommodation deposit/contribution Capped value of former home $201,231.20
Thresholds are current for the period: 20 Mar 2024 – 19 Sep 2024
Means tested amount is Income test contribution + asset test contribution Income test contribution is (Total assessable income - $32,351.80) x 50% ÷ 364 Total assessable income
Total assessable income includes Income assessable for Centrelink/DVA purposes Centrelink/DVA income support payments for singles and members of an illness separated couple (less minimum pension and energy supplements of $1,508.00 pa each) DVA war widows pension (no qualifying service) less 4% GST supplement DVA disability pension (recipient or partner no qualifying service) less 4% GST supplement Thresholds are current for the period: 1 Jul 2024 – 19 Sep 2024
Asset test contribution
Assets included in asset test contribution 17.5% of assessable assets between $59,500 and $201,231.20 1% of assessable assets between $201,231.20 and $484,693.60 2% of assessable assets above $484,693.60
Thresholds are current for the period: 20 Mar 2024 – 19 Sep 2024
For members of a couple, combined assessable assets are halved.
Total of the calculated amount above is divided by 364.
Assessable assets include Assets assessable for Centrelink/DVA purposes Refundable accommodation deposit/contribution Capped value of former home (applies separately to both members of a couple) $201,231.20
Thresholds are current for the period: 20 Mar 2024 – 19 Sep 2024
For members of a couple, combined assessable assets are halved.
Daily means tested care fee is calculated as: Lesser of: Means tested amount – $68.14 Cost of care1 The means tested care fee cannot exceed: Annual cap $33,309.29
Lifetime cap $79,942.44
Thresholds are current for the period: 20 Mar 2024 – 19 Sep 2024
1 Note: The highest cost of care is currently $417.41 per day including primary supplements.
Means tested amount at time of entry Accommodation cost payable Payment methods Less than $68.14
Accommodation contribution
RAC, DAC or combination
More than or equal to $68.14
Accommodation payment
RAD, DAP or combination
Thresholds are current for the period: 20 Mar 2024– 19 Sep 2024
RAC = refundable accommodation contribution, DAC = daily accommodation contribution
RAD = refundable accommodation deposit, DAP = daily accommodation payment
Daily accommodation contribution (DAC) is the lesser of: Means tested amount Maximum accommodation supplement payable to the facility Maximum accommodation supplement
Newly built or significantly refurbished? Meets the 40% low means resident quota? Maximum accommodation supplement Yes Yes $68.14 Yes No $51.11
No Yes $44.43
No No $33.32
Thresholds are current for the period: 20 Mar 2024 – 19 Sep 2024
Refundable accommodation contribution (RAC) is: (DAC ÷ maximum permissible interest rate) x 365
Maximum permissible interest rate
Time of entry Maximum interest rate From 1 Jul 2024 – 30 Sep 2024 8.36% From 1 Apr 2024 – 30 Jun 2024
8.34%
Minimum permissible asset level
Amount
Minimum amount of assets a resident must be left with if they pay at least part of their accommodation costs as a RAC
$59,500
Thresholds are current for the period: 20 Mar 2024 – 19 Sep 2024
An accommodation payment can be paid as a daily accommodation payment (DAP), a refundable accommodation deposit (RAD), or a combination of both.
Daily accommodation payment (DAP) is: (RAD x maximum permissible interest rate) ÷ 365 Maximum permissible interest rate
Time of entry Maximum interest rate From 1 Jul 2024 – 30 Sep 2024 8.36% From 1 Apr 2024 – 30 Jun 2024
8.34%
Refundable accommodation deposit (RAD)
Rates and thresholds Amount Minimum permissible asset level
(Minimum amount of assets a resident must be left with if they pay at least part of their accommodation costs as a RAD)$59,500 Thresholds are current for the period: 20 Mar 2024 – 19 Sep 2024
Home care package Care needs Basic daily care fee per day Level 1
Basic care needs $11.43 Level 2
Low level care needs $12.08
Level 3
Intermediate level care needs $12.42
Level 4
High level care needs $12.75
Thresholds are current for the period: 20 Mar 2024 – 19 Sep 2024
Income Income tested care fee Income less than $33,027.80
Nil
Income between $33,027.80 and $63,559.60
Lesser of:
- (Total assessable income – $33,027.80) × 50% ÷ 364
- Cost of package
- Annual cap $6,661.80
- Lifetime cap $79,942.44
Income exceeds $63,559.60
Lesser of:
- (((Total assessable income – $63,559.60) x 50%) + $6,661.80) ÷ 364
- Cost of package
- Annual cap $13,323.68
- Lifetime cap $79,942.44
Thresholds are current for the period: 1 Jul 2024 – 19 Sep 2024
For couples, halve the combined assessable income.
Income Income tested care fee Income less than $25,576.20
Nil
Income between $25,576.20 and $48,588.80
Lesser of:
- (Total assessable income –$25,576.20) × 50% ÷ 364
- Cost of package
- Annual cap $6,661.80
- Lifetime cap $79,942.44
Income exceeds $48,588.80
Lesser of:
- ((Total assessable income – $48,588.80) × 50%) + $6,661.80) ÷ 364
- Cost of package
- Annual cap $13,323.68
- Lifetime cap $79,942.44
Thresholds are current for the period: 1 Jul 2024 – 19 Sep 2024
For couples, halve the combined assessable income.
Income Income tested care fee Income less than $32,351.80
Nil
Income between $32,351.80 and $62,883.60
Lesser of:
- (Total assessable income – $32,351.80) × 50% ÷ 364
- Cost of package
- Annual cap $6,661.80
- Lifetime cap $79,942.44
Income exceeds $62,883.60
Lesser of:
- ((Total assessable income – $62,883.60) × 50%) + $6,661.80) ÷ 364
- Cost of package
- Annual cap $13,323.68
- Lifetime cap $79,942.44
Thresholds are current for the period: 1 Jul 2024 – 19 Sep 2024
Total assessable income when calculating the home care income tested fee includes Income assessable for Centrelink/DVA purposes Centrelink/DVA income support payments
- For singles or members of an illness separated couple, (less minimum pension and energy supplements of $1,508.00 pa each)
- For members of a couple living together (less minimum pension and energy supplements of $1,136.20 pa each)
DVA war widows pension (no qualifying service) less 4% GST supplement DVA disability pension (recipient or partner no qualifying service) less 4% GST supplement Thresholds are current for the period: 20 Mar 2024 – 19 Sep 2024
- For singles or members of an illness separated couple, (less minimum pension and energy supplements of $1,508.00 pa each)
Home
care packageCare
needsAnnual
amountLevel 1
Basic care needs
$10,588.65
Level 2
Low level care needs
$18,622.30
Level 3
Intermediate level care needs
$40,529.60
Level 4
High level care needs
$61,440.45
Thresholds are current for the period: 1 Jul 2024 – 30 Jun 2025