Document ID: chunk:federal_register_of_legislation:F2025C00076:reg:91:p1
Version: federal_register_of_legislation:F2025C00076
Segment Type: reg
Provision Reference: reg 91 (pt 1/2)
Character Range: 115216–117771

91  Working out amounts
 (1) If a care recipient pays the accommodation bond in whole or in part as a lump sum after the due date, the interest equivalent, in relation to the care recipient's accommodation bond balance, is the amount worked out in accordance with the following formula:
where:
IR is the lower of:
 (a) the interest rate stated in the care recipient's accommodation bond agreement; and
 (b) the maximum permissible interest rate for the care recipient's entry day.
LS is the amount of the lump sum.
ND is the number of days in the period:
 (a) beginning on the due date; and
 (b) ending on the day when the accommodation bond was paid in whole or in part as a lump sum.
 (2) If:
 (a) a care recipient is provided with care for 2 months or less; and
 (b) the care recipient pays the accommodation bond in whole or in part as a lump sum; and
 (c) the amount paid as a lump sum is refunded to the care recipient within 3 months after the entry day;
the interest equivalent, in relation to the care recipient's accommodation bond balance, is the amount worked out in accordance with the following formula:
where:
IR is the lower of:
 (a) the interest rate stated in the care recipient's accommodation bond agreement; and
 (b) the maximum permissible interest rate for the care recipient's entry day.
LS is the amount of the lump sum.
ND is the number of days in the period:
 (a) beginning on the day when the lump sum was refunded; and
 (b) ending 3 months after the entry day.
 (3) If a care recipient who is being provided with care through a residential care service:
 (a) leaves the service within 2 months after entering the service; and
 (b) has agreed to pay the accommodation bond in whole or in part as a lump sum; and
 (c) does not pay the lump sum before leaving the service;
the interest equivalent, in relation to the care recipient's accommodation bond balance, is the amount worked out in accordance with the following formula:
where:
IR is the lower of:
 (a) the interest rate stated in the care recipient's accommodation bond agreement; and
 (b) the maximum permissible interest rate for the care recipient's entry day.
LS is the amount of the lump sum.
ND is the number of days in 3 calendar months from the day the care recipient entered the residential care service.
 (4) If subsections (1) and (2) both apply, the interest equivalent, in relation to the care recipient's accommodation bond balance, is the total of the amounts worked out in accordance with those subsections.
 (5) The approved provider may require payment