If you hold refundable deposits, you must meet the Records Standard.
The Records Standard helps you start and maintain robust record-keeping processes.
This, in turn, allows you to refund deposits on time.
The Standard also supports your everyday financial operations.
Legislation
The Records Standard is set out in:
- 52M-1 of the Aged Care Act 1997
- section 45-48 of the Fees and Payments Principles.
To learn more, read the Records Standard fact sheet.
Refundable deposit register
You must start and maintain a refundable deposit register if you hold refundable deposits.
The register can be at a service or provider level.
It must record the information of people receiving aged care. It must also record their payment details, including deductions and refunds.
You need to keep these records for at least 3 years.
This begins after 30 June of the year you created the record.
You can choose the structure of the register to suit your organisation. The register should:
- show how you follow the Records Standard
- be available to give to the Commission if it asks.
You must record:
- certain consumer and payment details
- deductions
- refund details.
More information
To learn more about the Records Standard, read the Records Standard fact sheet.
