The pension account of my super was limited to a maximum of $1.6 million when I retired. I think it’s now $1.9 million. Can I now add extra to that account from my accumulation account to take advantage of the tax situation?
We received an email from the tax office stating that, due to information they have received, we cannot join the automatic refund of franking credits program for the 2023-24 financial year. This is because we are represented by a tax agent. They also told us we will need to lodge a tax return by October 31 to clear all our income and claim our franking credits. We are not sure if it’s genuine because we’ve heard so much about scams and always worry about clicking on links.
After probate was granted, the aged care home refunded his RAD minus the lifetime cap. This is where my objection/disagreement starts. After his passing, a reconciliation was done that said he had only been charged $55,620, being the two annual caps, but Services Australia advised he reached his lifetime cap and as a result deducted approximately $11,500 more from the RAD when they repaid it to his estate. My dad spent a few days shy of two years in aged care.
The means-tested care fee is not averaged out across the year; you can actually reach the annual cap rapidly if you have the means and if the funding for your care is high enough.