Aged Care Legislation Amendment (Financial Transparency) 2020 [No. 2]

# Aged Care Legislation Amendment (Financial Transparency) 2020 ## What it does Aged care providers will be required to publish detailed financial reports to the government's Quality and Safety Commissioner every year. These reports must break down where the money comes from (government subsidies, resident fees, etc.) and exactly where it's spent—from staff wages to food costs to payments to related companies. ## Why it matters Aged care is often run by for-profit companies, and residents and families currently have little visibility into whether fees are actually going toward care or being siphoned elsewhere. This law forces transparency so authorities can check whether providers are spending appropriately on direct care rather than inflating executive salaries or diverting funds to parent companies. ## Key details - **Reporting deadline**: Providers must submit reports within 6 months of the financial year ending - **Who's affected**: All approved residential aged care providers operating facilities - **What they must report**: Staff wages (broken down by role), direct care costs (food, medical supplies, continence aids), accommodation costs, training spending, and any money paid to related companies - **Commencement**: The day after this bill receives Royal Assent

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