If you hold refundable deposits, you must meet the Disclosure Standard.
The Disclosure Standard tells people receiving aged care what information they can access.
It also tells them when providers must supply it.
The Disclosure Standard is set out in:
- 52M-1 of the Aged Care Act 1997
- Fees and Payments Principles 2014 (No.2).
Information sharing increases trust. If you hold a refundable deposit, you need to share information at certain times about:
- your finances
- your compliance with the Liquidity, Governance, Records and Disclosure Standards.
The people you need to share this information with include:
- the Secretary of the Department of Health and Aged Care and the Commission via the Annual Prudential Compliance Statement (APCS)
- people receiving aged care and their representatives
- potential aged care recipients and their representatives.