An approved provider must establish and maintain a refundable deposit register that includes information about refundable deposits.
The Records Standard, section 45-48 of the Fees and Payments Principles, requires the approved provider to maintain accurate, comprehensive and up-to-date information on refundable deposits.
Refundable deposit register (RAD register)
Under the Records Standard, all providers holding refundable deposits must establish and maintain a refundable deposit register (RAD register).
- may be maintained at either the service level or provider level (noting though, that when completing the Annual Prudential Compliance Statement refundable deposits are recorded at the provider level)
- can be either in hard copy or electronic format
- must include relevant details on payments made such as lump sum, part lump sum, daily accommodation payments or periodic payments
- must include the resident ID number, resident name, the date the resident entered the service (or the date the resident transferred from another service), the refundable deposit amount, date the payments were made (inclusive of any instalments), details of any deductions, and the balance of the refundable deposit at the end of each calendar month.
When refunding refundable deposits, the register should also include:
- date of refund event, including other relevant dates that may be applicable such as date of death, date of probate or letters of administration were shown, date resident left the service, date notice was provided (if provided).
- date the refundable deposit is due to be refunded and date refund was actually refunded.
- amount that was refunded, the amount of interest paid and the date paid, and the amount of maximum permissible interest paid and the date paid.
The common forms of evidence required to assess compliance are RAD register entries for individual consumers and RAD refunds.
Download the Records Standard fact sheet
Tuesday, 23 May 2023 - 12:27pm