Document ID: chunk:federal_register_of_legislation:F2025C00092:reg:111
Version: federal_register_of_legislation:F2025C00092
Segment Type: reg
Provision Reference: reg 111
Character Range: 194387–196013

111  Maximum daily accommodation payment amount
 (1) The maximum daily accommodation payment amount that an approved provider may charge a person is the amount worked out as follows:

      Maximum daily accommodation payment amount calculator
           Step 1. Work out the maximum permissible interest rate for the person using the calculator in subsection (2).
           Step 2. Multiply the rate worked out at step 1 by $750,000.00 (being the maximum refundable accommodation deposit amount referred to in section 110).
           Step 3. Divide the amount worked out at step 2 by 365.
      The result is the maximum daily accommodation payment amount that the approved provider may charge the person.
 (2) The maximum permissible interest rate for the person is worked out as follows:

      Maximum permissible interest rate calculator
           Step 1. Work out the general interest charge rate for the person's price agreement day under section 8AAD of the Taxation Administration Act 1953.
           Step 2. Multiply the rate worked out at step 1 by the number of days in the calendar year in which the person's price agreement day falls.
           Step 3. Subtract 3 percentage points from the amount worked out at step 2.
      The result is the maximum permissible interest rate for the person.
 (3) For subsection (2), the person's price agreement day is the day on which the person and the approved provider of the service agree, under paragraph 52F‑1(1)(b) of the Act, about the maximum amount that would be payable if the person paid an accommodation payment for the service.

Part 3—Daily payments