Why Aged Care is the next hot topic for the tax adviser


A recent report on aged care has found Australian system standards are well below where they should be.

The recently published interim Royal Commission report on aged care suggests that that the aged care system needs fundamental reform and redesign.

Retirement & Aged Care – Advising Your Clients, an event of The Tax Institute is coming up in Perth on Wednesday, 27 November, covering key issues relevant to tax practitioners within this complex sector.

The presenters

Louise Biti, CTA,Aged Care Steps, has been a member of The Tax Institute since 2012, has spent her career working in the financial services industry, with a focus on analysing and interpreting legislation that impacts planning for life events and the financial planning outcomes.

She is presenting two sessions at the event.

Louise’s sessions will focus on how planning ahead for aged care should be incorporated into discussions with clients with the aim to more effectively manage frailty risk. She will also cover the costs and subsidies that need to be considered for residential aged care, including an overview of funding strategies available to clients.

“I have always been particularly interested in the social security and aged care impacts – an interest driven by career opportunities, skills and the fact that longevity runs through my family” she say

“Delegates will gain and understanding of how to provide greater value to clients to build better relationships and improve rates of retention.

“Understanding how to discuss aged care and incorporate into advice and strategies will also provide opportunities to generate new business and revenue streams.” she adds.

Housing Options in Aged Care

Also presenting is Scott McAlees from RSM’s Perth office. Scott is a Certified Financial Planner who has been in the profession since 2004. He is presenting a session on housing decisions that may need to be made when a person requires ongoing care, as well as the impact of these decisions once they are made.

“Being unable to live in your own home, the one where you have independence and have made many memories, is a difficult time for most people,” he says.

“It’s also a difficult discussion to have with your clients, or usually, their children.

“The presentation will provide you with information to help you have discussions with your clients about living arrangements.”

When not knee-deep in tax, Scott enjoys spending time with his two young daughters & supporting Perth Glory.

Managing Finances

When advising clients on aged care and retirement issues, you may have dealings with the Public Trustee. Cliff Henrisson, Trust Business Manager for the Public Trustee leads a team of 60 Trust Managers handling the affairs of over 6200 clients in Perth.

Cliff will be presenting an informative session on the circumstances that may lead to the Public Trustee being appointed as administrator or Enduring Power of Attorney and how to liaise with them, in the most effective way for you and your client.

“Newly appointed administrators are required to make financial and property decisions on behalf of the represented person. In this session, I clarify the reporting process surrounding these decisions,” says Cliff.

“I will provide delegates with information concerning both represented persons, administrators and attorneys, regarding the examination of accounts by the Public Trustee.”

Cliff has over 40 years’ experience with the Public Trustee, administering the financial affairs of represented persons and managing court appointed trusts.

The aged care space can be complex and vast. Australia, like many countries, has increasing life expectances and an aging population. There has never been a more important time to gain advice on this space, so you are able to confidently advise clients when they may need it most.

Check out the full program and register for this event today.


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