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Veterans facing financial stress when transitioning from incapacity payments to Aged Care.

Urgency:

Medium

Veteran Community Needs Affected:

Sufficient Income

Issue Details

Veterans moving from incapacity payments to aged/service pensions experience a significant drop in income that requires some adjusting. This seems to be particularly bad for couples.

Likely Cause of the Issue

Policy relating to reaching 67 years old.

Possible Solution

Put in place a transition phase or an investment plan for individuals to help them through the drop in income.

Who is likely to be responsible to fix this?

Financial Advice, DVA

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acknowledge and pay respect
to the past, present and emerging Traditional Custodians and Elders of this nation and also acknowledge those Aboriginal and Torres Strait Islander people who serve and have served in the Australian Defence Force.

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For the benefit of members of the
Veteran Community
in Townsville.

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The Oasis Townsville Limited, a public benevolent institution, is endorsed to access the following tax concessions:

  • Income Tax Exemption under Subdivision 50-B of the Income Tax Assessment Act 1997

  • GST Concessions under Division 176 of 'A New Tax System' (Goods and Services Tax) 1999

  • FBT Exemption under Section 123C of the Fringe Benefits Tax Assessment Act 1986

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