As of 1 January 2017, the asset test free area and the assets taper rate will both increase. These changes relate to several social security payments, including the age pension.
Pensioners who are currently assets tested, or who will become assets tested after this measure is introduced, may find their entitlements affected.
Certain funeral investments may be asset test exempt, such as pre-paid funeral expenses or funeral bonds.
For more information, speak with your financial adviser or Centrelink directly.
Read more on the nature of these changes via the Department of Human Services website here.