On 1 July 2023, the Department of Social Services increased the Exempt Funeral Bond Threshold on Funeral Bonds to $15,000 for the 2023/24FY. This reflects the impact of cost of living pressures over the last 12 months.
Existing and new Funeral Bond policy investors can now have up to $15,000 in contributions invested in a Funeral Bond and have the amount exempt from the Assets and Income tests applied by Centrelink and the Department of Veterans’ Affairs when calculating entitlements.
A couple can each invest into separate Funeral Bond policies and both will have access to the Exempt Funeral Bond Threshold of $15,000.
Conversely, where investing in joint names into the same Funeral Bond policy, this will limit the benefit of the Exempt Funeral Bond Threshold to that of a single recipient i.e. $15,000.
Conditions apply, so if you have any questions or need further information, please contact our Client Services team at KeyInvest on 1300 658 904 / email@example.com, your financial adviser, Centrelink or the Department of Veterans’ Affairs directly.
Please click here if you would like to know more about the Funeral Bond.