Document ID: chunk:federal_register_of_legislation:C2025C00122:section:2:p13
Version: federal_register_of_legislation:C2025C00122
Segment Type: section
Provision Reference: s 2 (pt 13/53)
Character Range: 370523–373227

refundable deposits can be paid
 (1) A person may choose to pay a *refundable deposit at any time after the person has entered into an *accommodation agreement.
 (2) A person may increase the amount of a *refundable deposit at any time after the person has paid the refundable deposit.
Note: A person cannot overpay a refundable deposit: see section 52G‑5 and paragraph 52G‑6(c).
 (3) This section has effect despite paragraphs 52F‑3(1)(e) and (f).
Note: For rules relating to the management of refundable deposits, see Part 3A.3.

52J‑3  The Fees and Payments Principles
  The Fees and Payments Principles may specify:
 (a) how a choice to pay a *refundable deposit is to be made; and
 (b) any other matter relating to the payment of refundable deposits.

52J‑5  Person must be left with minimum assets
 (1) An approved provider must not accept payment of an amount of *refundable deposit from a person if:
 (a) the person provides sufficient information to allow the person's *means tested amount to be worked out; and
 (b) the person pays, or commits to paying, the amount within 28 days after entering the service; and
 (c) payment of the amount would leave the value of the person's remaining assets at less than the *minimum permissible asset value.
 (2) The minimum permissible asset value is:
 (a) the amount obtained by rounding to the nearest $500.00 (rounding $250.00 upwards) the amount equal to 2.25 times the *basic age pension amount at the time the person *enters the residential care service or flexible care service; or
 (b) such higher amount as is specified in, or worked out in accordance with, the Fees and Payments Principles.
 (3) The value of a person's assets is to be worked out:
 (a) in the same way as it would be worked out under section 44‑26A for the purposes of section 44‑22; but
 (b) disregarding subsection 44‑26A(7).

52J‑6  Approved provider may retain income derived
  An approved provider may retain income derived from a *refundable deposit.

52J‑7  Amounts to be deducted from refundable deposits
 (1) An approved provider must deduct a *daily payment from a *refundable deposit paid by a person if:
 (a) the person has requested the deduction in writing; and
 (b) the daily payment is payable by the person.
 (2) An approved provider may deduct the following from a *refundable deposit paid by a person:
 (a) the amounts specified in the Fees and Payments Principles that may be deducted when the person leaves the service;
 (b) any amounts that the person has agreed in writing may be deducted;
 (c) such other amounts (if any) as are specified in the Fees and Payments Principles.
 (3) The approved provider must not deduct any other amount from a *refundable