Document ID: chunk:federal_register_of_legislation:F2024C00838:reg:22
Version: federal_register_of_legislation:F2024C00838
Segment Type: reg
Provision Reference: reg 22
Character Range: 35962–38224

22  Equivalence between provider's refundable accommodation deposit amount and daily accommodation payment amount—for a particular person
 (1) This section applies in relation to a person with whom the approved provider of a residential care service or an eligible flexible care service has made an agreement under paragraph 52F‑1(1)(b) of the Act about the maximum amount that would be payable for a room, or a part of a room, in the service if the person paid an accommodation payment for the room or the part of the room.
 (2) The approved provider must ensure that there is equivalence between:
 (a) the refundable accommodation deposit amount that the provider could charge the person on a day (the relevant day) for the room or the part of the room; and
 (b) the daily accommodation payment amount that the provider could charge the person on the relevant day for the room or the part of the room.
 (3) For the purpose of complying with subsection (2), the daily accommodation payment amount that the approved provider could charge the person on the relevant day for the room, or the part of the room, must be the amount worked out as follows:

      Daily accommodation payment amount calculator
           Step 1. Work out the maximum permissible interest rate for the person's price agreement day using the calculator in section 6.
           Step 2. Work out the amount that is the difference between:

                (a) the accommodation payment (expressed as a refundable accommodation deposit amount) agreed with the person under paragraph 52F‑1(1)(b) of the Act for the room or the part of the room; and
                (b) the amount (if any) of that refundable accommodation deposit amount paid by the person on or before the relevant day for the room or the part of the room.

           Step 3. Multiply the rate worked out at step 1 by the amount worked out at step 2.
           Step 4. Divide the amount worked out at step 3 by 365.
      The result is the daily accommodation payment amount that the approved provider could charge the person on the relevant day for the room or the part of the room.
Note: Price agreement day, for a person, is defined in section 4.

Division 3—Approval of higher maximum accommodation payment amount