Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (2) and sections 57 - 13 and 57 - 14, the maximum amount of an * accommodation bond for the * entry of a person as a care recipient to a residential care service or flexible care service is whichever is the lowest of the following:
(a) the amount of the accommodation bond specified in the * accommodation bond agreement;
(b) an amount that, when subtracted from an amount equal to the value of the care recipient's assets at the time of the care recipient's entry to the residential care service or flexible care service, leaves an amount at least equal to the care recipient's minimum permissible asset value (see subsection (3));
(c) such amount as is specified in, or worked out in accordance with, the Aged Care (Transitional Provisions) Principles.
Note: The operation of this section may be modified if, before entering an accommodation bond agreement, the care recipient gives the approved provider a determination under section 44 - 8AB of the value of the care recipient's assets. See subsection (5).
(2) If:
(a) a care recipient proposes to * enter a residential care service, or flexible care service, conducted by an approved provider; and
(b) the care recipient does not, before entering an * accommodation bond agreement, give to the approved provider sufficient information about the care recipient's assets for the approved provider to be able to determine the amounts referred to in paragraph (1)(b);
the maximum amount of an * accommodation bond for the entry of the person as a care recipient to the residential care service or flexible care service is the lesser of the amounts referred to in paragraphs (1)(a) and (c).
(3) A care recipient's minimum permissible asset value is:
(a) if the time (the entry time ) of the care recipient's * entry to the residential care service or flexible care service is before 20 September 2009:
(i) the amount obtained by rounding to the nearest $500.00 (rounding $250.00 upwards) an amount equal to 2.5 times the * basic age pension amount at the entry time; or
(ii) such higher amount as is specified in, or worked out in accordance with, the Aged Care (Transitional Provisions) Principles; or
(b) if the time (the entry time ) of the care recipient's entry to the residential care service or flexible care service is on or after 20 September 2009:
(i) the amount obtained by rounding to the nearest $500.00 (rounding $250.00 upwards) an amount equal to 2.25 times the * basic age pension amount at the entry time; or
(ii) such higher amount as is specified in, or worked out in accordance with, the Aged Care (Transitional Provisions) Principles.
(4) The value of a care recipient's assets is to be worked out in the same way as it would be worked out under section 44 - 10 for the purposes of section 44 - 5B, 44 - 7 or 44 - 8.
(5) However, subsections (1), (2) and (3) are modified as described in the table, and subsection (4) does not apply, if, before entering the * accommodation bond agreement, the care recipient gives the approved provider a copy of a determination that:
(a) is a determination under section 44 - 8AB of the value of the care recipient's assets at a time (the valuation time ) that is before or at the time (the entry time ) the care recipient * enters the residential care service or flexible care service; and
(b) is in force at the entry time, if that is after the valuation time.
Modifications of subsections (1), (2) and (3) | ||
| If: | Subsections (1), (2) and (3) have effect as if: |
1 | The valuation time is before the entry time | (a) the references in paragraph (1)(b) and subsection (3) to the time of the care recipient's * entry to the residential care service or flexible care service were references to the valuation time; and (b) the value of the care recipient's assets at the valuation time were the value specified in the determination |
2 | The valuation time is at the entry time | The value of the care recipient's assets at the entry time were the value specified in the determination |