5Amount of asset threshold for supported residents

5 Amount of asset threshold for supported residents

For the purposes of paragraph 44‑5B(1)(c) of the Transitional Provisions Act, the amount in relation to a day for a person is the amount worked out using the following formula: Start formula open bracket Applicable amount times 2080 close bracket plus Lower asset threshold end formula where:

applicable amount means the applicable amount for the day for the person within the meaning of section 82 of the Aged Care (Transitional Provisions) (Subsidy and Other Measures) Determination 2014.

lower asset threshold means the amount worked out by rounding to the nearest $500 (rounding up in the case of $250 or more) the amount equal to 2.5 times the basic age pension amount (within the meaning of the Transitional Provisions Act) at the time that applies under section 43 of the Aged Care (Transitional Provisions) Principles 2014 in relation to the person.