Cost of living in a residential care facility - Part 2
So what are Aged Care facilities able to do with the RAD?
Under the Aged Care Act 1997, Aged Care homes are permitted to use the RADs for any of the below:
• capital expenditure for residential or flexible care that is reasonable in the circumstances
• investing in financial products
• refunds of refundable deposits, accommodation bonds or entry contribution balances
• repayment of debt accrued for the purposes of capital expenditure or for refunding refundable deposits or accommodation bond balances
• reasonable business losses during the first 12 months that the approved provider operates a residential or flexible aged care service
• investments of refundable deposits or accommodation bonds into Religious Charitable Development Funds
This above is for information purposes only and should not be considered financial advice. You should discuss your personal circumstances with an expert before making any decisions.