If you do not currently qualify for the Commonwealth Government Seniors Health care card, did you know that by using a KeyInvest’ Tax Paid Investment Bond, (to reduce your taxable income) you may be eligible?
The Commonwealth Seniors’ Health Card (CSHC) is available for self-funded retirees on low to middle incomes who have reached age/service pension age but do not receive Centrelink/DVA benefits. The CSHC gives older Australians access to cheaper prescription medicines, Australian government funded medical services, and other government concessions.
Qualifying for Commonwealth Seniors’ Health Card
To qualify for the CSHC a person must:
- Be an Australian resident*, living permanently in Australia
- Have reached age pension age – or in the case of veterans, have reached service pension age
- Have an annual adjusted taxable income^ of less than the relevant threshold.
- Not be receiving a Centrelink or DVA pension or income support.
The eligibility income thresholds are indexed on 20 September each year in line with CPI.
* Must be an Australian citizen, a holder of a permanent visa or a New Zealand citizen who arrived on a New Zealand passport. Newly arrived migrants must generally have been an Australian resident or holder of a Special Category visa for at least 104 weeks (2 years). This residency requirement increases to 208 weeks from January 1, 2019. Note that CSHC holders may travel temporarily overseas without losing qualification for the card for up to 19 weeks.
The information contained in this publication is based on the understanding KeyInvest (ABN 74 087 649 474 AFSL No. 240667) has of the relevant Australian legislation as at the date shown in this publication.
The information contained in this publication is of a general nature only and is intended for use by financial advisers and other licensed professionals only. It must not be handed to clients for their keeping nor can any copies of sections of this publication be given to clients. KeyInvest is not a registered tax agent under the Tax Agent Services Act 2009. We recommend that your client be referred to their registered tax agent or legal adviser prior to implementing any recommendations that you may make based on the information contained in this publication.