Document ID: chunk:federal_register_of_legislation:F2024C00838:reg:20
Version: federal_register_of_legislation:F2024C00838
Segment Type: reg
Provision Reference: reg 20
Character Range: 32994–34718

20  Equivalence between provider's refundable accommodation deposit amount and daily accommodation payment amount—general
 (1) For paragraph 19(1)(b), the approved provider of a residential care service or an eligible flexible care service must ensure that there is equivalence between:
 (a) the refundable accommodation deposit amount; and
 (b) the daily accommodation payment amount;
that are made publicly available, under that paragraph, for a day (the relevant day) and a room, or a part of a room, in the service.
 (2) For the purpose of complying with subsection (1), the daily accommodation payment amount for 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 relevant day using the calculator in section 6.
           Step 2. Multiply the rate worked out at step 1 by the refundable accommodation deposit amount referred to in paragraph (1)(a).
           Step 3. Divide the amount worked out at step 2 by 365.
      The result is the daily accommodation payment amount for the relevant day for the room or the part of the room.
 (3) For paragraph 19(1)(d), the daily accommodation payment amount that would be payable for the room, or the part of the room, if the accommodation payment were paid by a combination of refundable accommodation deposit and daily accommodation payments must be the amount worked out in accordance with subsection (2), as if the reference in step 2 to the refundable accommodation deposit amount were a reference to that amount as reduced by the amount of refundable accommodation deposit that would be paid.