The Department of Social Services has determined the social security exempt funeral investment threshold for 2020-21 financial year.
The new Funeral Bond Allowable Limit, which will take affect from 1 July 2020, is $13,500.
This is an increase from the previous year’s threshold of $13,250.
If you have entered into a prepaid funeral plan contract with a funeral director then subject to satisfying certain social security requirements the entire amount of your investment in your prepaid funeral plan will be deemed an exempt asset.
For more information on the nature of how funeral investments are assessed by the Government, please visit the Department of Human Services website here.