Commonwealth Numbered Acts Commonwealth Numbered Acts(1) In this Act:
"accommodation bond" has the meaning given by the Dictionary in Schedule 1 to the Aged Care Act 1997 .
"administrative costs" , in relation to a default event declaration, means costs incurred by the Commonwealth in relation to, and as the result of, the making of the default event declaration and includes, but is not limited to, costs incurred by the Commonwealth as a result of:
(a) making any insolvency event declaration under section 7 that enabled the making of the default event declaration; and
(b) giving notice of such an insolvency event declaration under section 8; and
(c) giving notice of the default event declaration under section 11; and
(d) determining matters under section 12 that were required to be determined as a result of the making of the default event declaration; and
(e) making any refund declarations under section 13 that were required to be made as a result of the making of the default event declaration; and
(f) giving notice of those refund declarations under section 14; and
(g) attempting to recover amounts that the Commonwealth gained the right to recover under section 15 as a result of the making of those refund declarations; and
(h) making refund costs recoupment determinations under section 18 relating to those refund declarations; and
(i) recovering levy that the Commonwealth was enabled, as a result of the making of those refund costs recoupment determinations, to impose by regulations made under section 6 of the Aged Care (Bond Security) Levy Act 2006 .
"administrative costs recoupment determination" means a determination made under section 19.
"approved provider" has the meaning given by the Dictionary in Schedule 1 to the Aged Care Act 1997 .
(a) an accommodation bond; or
(b) an entry contribution.
(a) in relation to a bond that is an accommodation bond—means an accommodation bond balance as defined in the Dictionary in Schedule 1 to the Aged Care Act 1997 ; or
(b) in relation to a bond that is an entry contribution—means an entry contribution balance as defined in the Dictionary in Schedule 1 to the Aged Care Act 1997 .
"corporation" means a trading or financial corporation within the meaning of paragraph 51(xx) of the Constitution.
"default event declaration" means a declaration made under section 10.
"entry contribution" has the meaning given by the Dictionary in Schedule 1 to the Aged Care Act 1997 .
"Finance Minister" means the Minister who administers the Financial Management and Accountability Act 1997 .
"formal agreement" has the meaning given by the Dictionary in Schedule 1 to the Aged Care Act 1997 .
"insolvency event" : each of the following events is an insolvency event that may occur in relation to an approved provider:
(a) a CGT event G3 (within the meaning of the Income Tax Assessment Act 1997 ) in respect of shares or financial instruments of the approved provider;
(b) the making of an order:
(i) under section 459A or 459B of the Corporations Act 2001 ; or
(ii) under a provision of the law of a State, or Territory, which deals with the incorporation of associations;
that the approved provider be wound up in insolvency;
(c) the passing of a special resolution:
(i) under section 491 of the Corporations Act 2001 ; or
(ii) under a provision of the law of a State, or Territory, which deals with the incorporation of associations;
that the approved provider be wound up voluntarily;
(d) the passing of a resolution under paragraph 439C(c) of the Corporations Act 2001 by the creditors of the approved provider that the approved provider be wound up;
(e) the making of a sequestration order against the estate of the approved provider;
(f) the acceptance of a debtor’s petition (within the meaning of the Bankruptcy Act 1966 ) against the approved provider by an Official Receiver (within the meaning of that Act);
(g) the making of an insolvency event declaration in relation to the approved provider (see section 7).
"insolvency event declaration" means a declaration made under section 7.
"national newspaper" means a newspaper circulating generally throughout Australia.
"operator" has the meaning given by the Dictionary in Schedule 1 to the Aged Care Act 1997 .
"outstanding bond balance" has the meaning given by subsection (2).
"refund amount" , in relation to a refund declaration, means the amount that the refund declaration declares is to be paid by the Commonwealth.
"refund costs recoupment determination" means a determination made under section 18.
"refund declaration" means a declaration made under section 13.
"refund recipient" , in relation to a refund declaration, means the person that the refund declaration declares is to be paid an amount by the Commonwealth.
"Secretary" means the Secretary of the Department.
(2) For the purposes of this Act, a bond balance is an outstanding bond balance of an approved provider at a particular time if:
(a) at that time all, or part, of the bond balance has not been refunded; and
(b) that time is later than the time required for the bond balance to be refunded by the approved provider under:
(i) Subdivision 57‑G of the Aged Care Act 1997 ; or
(ii) the User Rights Principles made under section 96‑1 of the Aged Care Act 1997 ; or
(iii) a formal agreement applying in respect of the bond balance.