Means tested amount calculator

Work out the income tested amount using steps 1 to 4:

Step 1.   Work out the care recipient's * total assessable income on a yearly basis using section   44 - 24.

Step 2.   Work out the care recipient's * total assessable income free area using section   44 - 26.

Step 3.   If the care recipient's total assessable income does not exceed the care recipient's total assessable income free area, the income tested amount is zero.

Step 4.   If the care recipient's * total assessable income exceeds the care recipient's total assessable income free area, the income tested amount is 50% of that excess divided by 364.

Work out the per day asset tested amount using steps 5 to 10:

Step 5.   Work out the value of the care recipient's assets using section   44 - 26A.

Step 6.   If the value of the care recipient's assets does not exceed the asset free area , the asset tested amount is zero.

Step 7.   If the value of the care recipient's assets exceeds the asset free area but not the first asset threshold , the asset tested amount is 17.5% of the excess.

Step 8.   If the value of the care recipient's assets exceeds the first asset threshold but not the second asset threshold , the asset tested amount is the sum of the following:

  (a)   1% of the excess;

  (b)   17.5% of the difference between the asset free area and the first asset threshold.

Step 9.   If the value of the care recipient's assets exceeds the second asset threshold, the asset tested amount is the sum of the following:

  (a)   2% of the excess;

  (b)   1% of the difference between the first asset threshold and the second asset threshold;

  (c)   17.5% of the difference between the asset free area and the first asset threshold.

Step 10.   The per day asset tested amount is the asset tested amount divided by 364.

The means tested amount is the sum of the income tested amount and the per day asset tested amount.