Social Security (Long-term Residential Care—Budget Measures) Amendment Act 2012

1: Title
This Act is the Social Security (Long-term Residential Care—Budget Measures) Amendment Act 2012.
2: Commencement
This Act comes into force on 1 July 2012
3: Principal Act
This Act amends the Social Security Act 1964 principal Act 2012-07-01 Social Security Act 1964
1: Applicable asset thresholds: Indexation
4: Purpose and application
1: This Part amends the Social Security Act 1964
2: By way of explanation, the applicable asset threshold is the value of assets applied to determine whether a resident assessed as requiring care must use his or her assets to pay the cost of contracted care services provided to the person.
3: The principal Act as amended by this Part on 1 July 2012 applies in respect of residents assessed as requiring care before, on, or after 1 July 2012.
5: Section 155 amended (Regulations relating to this Part)
1: In section 155(1)﻿(i) increasing the applicable asset thresholds and
2: In section 155(2) income-from-assets exemption applicable asset thresholds set out in Part 1 of Schedule 27 must be increased on 1 July 2013, and on every following 1 July, and the
3: In section 155(2A) must insofar as they are required for the income-from-assets exemption (but not insofar as they are required for the applicable asset thresholds)
4: In section 155(3) the adjusted amount of an applicable asset threshold or, as the case requires, of
5: In section 155(3)﻿(b) based on the applicable asset threshold or the
2: Applicable asset thresholds: General
6: Purpose and application
1: This Part amends the Social Security Act 1964
a: also apply for all later years beginning on 1 July; but
b: are, for the year 1 July 2012 to 30 June 2013, Consumers Price Index (or CPI) adjusted.
2: By way of explanation, the applicable asset threshold is the value of assets applied to determine whether a resident assessed as requiring care must use his or her assets to pay the cost of contracted care services provided to the person.
3: The principal Act as amended by this Part on 1 July 2012 applies in respect of residents assessed as requiring care before, on, or after 1 July 2012.
7: Schedule 27 amended
In Schedule 27
1: Applicable asset thresholds
1: This clause specifies the applicable asset thresholds that apply annually for the year 1 July 2012 to 30 June 2013 and for all later years beginning on 1 July.
2: Threshold A is $213,297 and applies to every resident assessed as requiring care—
a: who has no spouse or partner; or
b: whose spouse or partner is also a resident assessed as requiring care; or
c: whose spouse or partner is not a resident assessed as requiring care but who has elected, under clause 2
3: Threshold B is $116,806 and applies to every resident assessed as requiring care—
a: whose spouse or partner is not a resident assessed as requiring care; and
b: who has not elected, under clause 2
2: Certain residents may elect which threshold to apply
1: A resident assessed as requiring care whose spouse or partner is not a resident assessed as requiring care may elect to have Threshold A in clause 1 clause 1
2: A resident's election before 1 July 2012 and under this clause (as in force before 1 July 2012) to have Column A of the table in clause 1 (as in force before 1 July 2012) apply to him or her is, after 30 June 2012, treated as an election to have Threshold A in clause 1