Details

  • Industry: Aged care, Government, Federal Government, Healthcare
  • Type: Regulatory update
  • Date: 31/10/2011

Aged Care Amendment Bill 2011 summary 

As part of the Australian Government's Health and Hospital Reform agenda, The Aged Care Amendment Bill 2011 was issued to strengthen consumer protection for accommodation bonds paid to aged care services, and clarify and improve the existing rules that govern the handling of accommodation bonds by aged care providers.
Aged Care Amendment Bill 2011 summary
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KPMG's summary outlines key points, background and what the changes mean for aged care providers.

 

Potential impacts

  • Providers using the bonds to fund operations or as loans to related parties may need to seek additional financing, improve cash management or restructure loan agreements.
  • Providers may incur implementation costs around the processes and controls to ensure bonds are used in accordance with the new regulatory requirements.
  • Providers need to consider how they manage and use the income derived from bonds.
 

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