Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (2) and sections 57A - 8A and 57A - 9, the maximum daily amount at which an * accommodation charge accrues for the * entry of a person as a care recipient to a residential care service is whichever is the lowest of the following:
(a) the amount of the daily accrual of the accommodation charge as specified in the * accommodation charge agreement;
(b) the amount (rounded down to the nearest cent) obtained by:
(i) taking the 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, leaves an amount at least equal to the care recipient's minimum permissible asset value as defined in subsection 57 - 12(3); and
(ii) dividing the result by 2,080;
(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 into an accommodation charge 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 (4).
(2) If:
(a) a care recipient proposes to * enter a residential care service conducted by an approved provider; and
(b) the care recipient does not, before entering into an * accommodation charge agreement, give 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 daily amount at which an * accommodation charge accrues is the lesser of the amounts mentioned in paragraphs (1)(a) and (c).
(3) 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.
(4) However, subsections (1) and (2) are modified as described in the table, and subsection (3) does not apply, if, before entering into the * accommodation charge 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; and
(b) is in force at the entry time, if that is after the valuation time.
Modifications of subsections (1) and (2) | ||
| If: | Subsections (1) and (2) have effect as if: |
1 | The valuation time is before the entry time | (a) the reference in paragraph (1)(b) to the time of the care recipient's * entry to the residential care service were a reference 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; and (c) subsection 57 - 12(3) defined minimum permissible asset value by reference to the * basic age pension amount at the valuation time (instead of the entry time) |
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 |