b'NOTE 16: RESIDENT LIABILITIES20222021$000$000CURRENT Unsecured liabilities Accommodation bonds and refundable accommodation deposits212,189199,542Ingoing contributions81,96061,533294,149261,075Accounting Policy Accommodation bonds An accommodation bond as governed by the Aged Care Act 1997 is an amount of money payable for entry to Ozcare by residents who enter permanent care at a low-level care, if they are eligible to pay. It is in addition to the standard resident contribution and any income tested fee that may apply to the resident. Accommodation bonds are recognised as a liability net of retentions receivable.Refundable accommodation deposits A refundable accommodation deposit (RAD), as governed by the Aged Care Act 1997, is an amount of money payable for entry to Ozcare by any resident who, in terms of a Commonwealth asset and income assessment, is eligible to pay. It is in addition to the standard resident contribution and any means tested care fee that may apply to the resident. RADs are recognised as a liability only upon receipt of the deposit.Residents can choose to pay a RAD as a lump sum, a daily accommodation payment, or a combination of both.The service provider must, if instructed by the care recipient, deduct from the RAD (whether fully or partly paid), the daily accommodation payment and may, in its sole discretion and upon receiving a request from the care recipient, agree to the deduction from the RAD of any other amount.Any deductions from the RAD bear interest at the maximum permissible interest rate as set by the Commonwealth Government.The balance of the RAD is refunded to the resident, or their estate, on departure. Service providers may also retain any interest they derive from RADs.No interest is payable to the resident. RADs are refundable within a maximum of 14 days of departure of the resident or, in the case of decease, within 14 days of the receipt of probate. Ingoing contributions Retirement village residents pay an ingoing contribution to the entity in exchange for the exclusive use of an independent living unit. Ingoing Contributions are refundable to a departed resident following sale of the respective unit and receipt of an ingoing contribution from the new resident. Ingoing contribution liability is recorded net of exit fees receivable. Current classification Accommodation Bonds, RADS and Ingoing Contributions are classified as current liabilities in the statement of financial position.Based on historical trends and experience it is likely that the majority of the liability recognised will not be payable within 12 months, however there is no unconditional right to defer settlement of the liability for more than 12 months and therefore, the liability is recognised as current in its entirety.Page | 42'