Commonwealth Consolidated Acts

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AGED CARE ACT 1997 - SECT 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).



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