rooms in that category. The price and key features will need to apply equally to each room or part of room in each category. How often do I need to update my published pricing information? You will need to update the prices and key feature statements if anything changes, for example you change the maximum price or the statement no longer accurately describes the room. You will also need to update your pricing information when the maximum permissible interest rate (MPIR) changes, as the daily payment amount equivalent to a given refundable deposit will change. The daily payment amounts published on My Aged Care will be updated automatically when the MPIR changes. You will receive a notification from the Portal prior to the changes coming into effect. Financial equivalence between the refundable deposit and the daily payment Prices must be published as the refundable deposit amount and an equivalent daily payment, as well as show an example of a combination payment. To calculate the equivalent daily payment, the refundable deposit is multiplied by the current maximum permissible interest rate (MPIR) and divided by 365 days. For example, a refundable deposit of $400,000 would have an equivalent daily payment of: = = $73.31 per day An example of a combination payment for a $400,000 price may be a refundable deposit of $200,000 and a daily payment of the remaining $200,000 of: = = $36.65 per day The MPIR is calculated quarterly. All aged care providers are notified of the MPIR to the commencement of each quarter. The MPIR is also published on the at www.dss.gov.au. Approval of prices above $550,000 You will not be able to publish or charge a maximum accommodation price that is higher than $550,000 unless you have received approval from the Aged Care Pricing Commissioner.
rooms in that category. The price and key features will need to apply equally to each room or part of room in each category. How often do I need to update my published pricing information? You will need to update the prices and key feature statements if anything changes, for example you change the maximum price or the statement no longer accurately describes the room. You will also need to update your pricing information when the maximum permissible interest rate (MPIR) changes, as the daily payment amount equivalent to a given refundable deposit will change. The daily payment amounts published on My Aged Care will be updated automatically when the MPIR changes. You will receive a notification from the Portal prior to the changes coming into effect. Financial equivalence between the refundable deposit and the daily payment Prices must be published as the refundable deposit amount and an equivalent daily payment, as well as show an example of a combination payment. To calculate the equivalent daily payment, the refundable deposit is multiplied by the current maximum permissible interest rate (MPIR) and divided by 365 days. For example, a refundable deposit of $400,000 would have an equivalent daily payment of: = = $73.31 per day An example of a combination payment for a $400,000 price may be a refundable deposit of $200,000 and a daily payment of the remaining $200,000 of: = = $36.65 per day The MPIR is calculated quarterly. All aged care providers are notified of the MPIR to the commencement of each quarter. The MPIR is also published on the at www.dss.gov.au. Approval of prices above $550,000 You will not be able to publish or charge a maximum accommodation price that is higher than $550,000 unless you have received approval from the Aged Care Pricing Commissioner.
att3_-_information_sheet_-_publication_of_accommodation_prices.docx