As a provider, you have requirements about how you manage your financial and prudential matters.
Your financial and prudential obligations include the Financial and Prudential Standards, rules around how you manage accommodation payments, and financial reporting obligations
Providers must have enough liquidity to meet their financial and prudential obligations when a person leaves. You must be able to refund the balance on their accommodation payment or bond.
3Di. Financial and Prudential Standards
The Financial and Prudential Standards set out the minimum requirements for registered aged care providers for good financial and prudential management. There are 3 Financial and Prudential Standards:
- Financial and Prudential Management Standard
- Liquidity Standard
- Investment Standard
As a registered aged care provider, it’s a condition of your registration to comply with the Standards that apply to you.
You can find more information about the standards here.
3Dii. Managing Accommodation Payments
There are obligations you must comply with to manage accommodation payments. This includes rules around:
- the prices you can advertise and charge
- how you use accommodation payments
- refunding accommodation payments
3Diii. Quarterly Financial Reporting and Aged Care Financial Report
You must submit your Quarterly Financial Report (QFR) via GPMS, and your Aged Care Financial Report (ACFR) via the ACFR online forms portal.
Quarterly Financial Reporting
QFR is important because it helps keep your financial operations transparent.
QFR requirements depend on the service you deliver. You must send your QFR by the legislated due date.
QFR has 5 parts:
- Viability and prudential compliance questions
- Year to date financial statements
- Residential care labour cost and hours reporting
- Home care labour cost and hours reporting
- Quarterly Food and Nutrition report
Aged Care Financial Report
Along with the QFR, you must submit an annual Aged Care Financial Report (ACFR). The ACFR allows the Australian Government to collect financial information for registered providers and parent entities, where necessary. If you hold refundable deposits, you must also submit an Annual Prudential Compliance Statement (APCS) as part of your ACFR.
Learn more about QFR and ACFR in:
- Guide to the Quarterly Financial Report – overview of reporting requirements, reporting timelines and next steps
- Aged Care Financial Report (ACFR) – overview of reporting requirements, and the reporting schedule
- Annual Prudential Compliance Statement – resources and information about the AFCS
- QFR due dates – overview of the schedule for quarterly financial reporting.