In the 2021-22 Budget, the Australian Government announced that the Aged Care Approvals Round (ACAR) would cease following the 2020 round. From 1 July 2024, residential care places will be allocated directly to senior Australians.
You are invited to provide feedback on the design and implementation of the new residential aged care system. Submissions are open until 14 November 2021 via the department’s Consultation Hub.
The Australian Securities and Investment Commission (ASIC) has also published information about the accounting treatment of bed licenses. Residential aged care providers should consider this information as it relates to their financial statements.