Section 6 Maximum daily accommodation payment amount calculator Step 1. Work out the maximum permissible interest rate for the person using the calculator in subsection (2). Step 2. Multiply the rate worked out at step 1 by $455 000 (being the maximum refundable accommodation deposit amount referred to in section 5). Step 3. Divide the amount worked out at step 2 by 364. The result is the that the maximum daily accommodation payment amount approved provider may charge the person. (2) The for the person is worked out as follows: maximum permissible interest rate Maximum permissible interest rate calculator Step 1. Work out the general interest charge rate for the price person’s agreement day under section 8AAD of the Taxation Administration Act 1953. Step 2. Multiply the rate worked out at step 1 by the number of days in the calendar year in which the price agreement day falls. person’s Step 3. Subtract 3 percentage points from the amount worked out at step 2. The result is the for the person. maximum permissible interest rate Note: If a price agreement day were the day on which this determination is made, person’s the maximum daily accommodation payment amount that an approved provider could charge the person would be $85.25. 4 Aged Care (Maximum Accommodation Payment Amount) Determination 2013
Section 6 Maximum daily accommodation payment amount calculator Step 1. Work out the maximum permissible interest rate for the person using the calculator in subsection (2). Step 2. Multiply the rate worked out at step 1 by $455 000 (being the maximum refundable accommodation deposit amount referred to in section 5). Step 3. Divide the amount worked out at step 2 by 364. The result is the maximum daily accommodation payment amount that the approved provider may charge the person. (2) The maximum permissible interest rate for the person is worked out as follows: Maximum permissible interest rate calculator Step 1. Work out the general interest charge rate for the person’s price agreement day under section 8AAD of the Taxation Administration Act 1953. Step 2. Multiply the rate worked out at step 1 by the number of days in the calendar year in which the person’s price agreement day falls. Step 3. Subtract 3 percentage points from the amount worked out at step 2. The result is the maximum permissible interest rate for the person. Note: If a person’s price agreement day were the day on which this determination is made, the maximum daily accommodation payment amount that an approved provider could charge the person would be $85.25. 4 Aged Care (Maximum Accommodation Payment Amount) Determination 2013