Learn how unspent funds are managed in Australian aged care, including monthly statements, budget rollovers, and provider obligations for financial.
Key areas covered:
- What happens if I don’t spend all the funds in my budget each month?
- How are unspent funds tracked and reported?
- What happens to unspent funds when changing providers?
What happens if I don’t spend all the funds in my budget each month?
You will receive a monthly statement showing your quarterly budget funds and what has been spent. Any unspent funds remain available within your quarterly budget allocation. The monthly statement will track both the funds available to you and any contributions you have paid.
How are unspent funds tracked and reported?
Providers must submit monthly performance reports to the System Governor and provide monthly statements to participants showing quarterly budget availability and expenditure. They must also submit annual financial declarations detailing any surplus or uncommitted funds from the current and previous financial years.
What happens to unspent funds when changing providers?
When changing providers, the outgoing provider must finalize all claims within 60 days, issue final invoices and monthly statements, and notify the incoming provider about remaining budget balances within 28 days. Any unspent Home Care Package funds must be calculated and the participant portion refunded to you, while the Commonwealth portion is returned to Services Australia.
