Aged care providers should prove taxpayer funding will be spent on direct care for residents, the Australian Nursing and Midwifery Federation (ANMF) has argued.
The union has submitted a number of key recommendations to the federal Senate Inquiry into the financial and tax practices of Australia’s for-profit aged care providers, being conducted by the Senate Economics Reference Committee.
As part of this, it said there must be proof that Government funding is being directly spent on the care of elderly residents as a prerequisite for receiving any subsidy.
The ANMF’s other recommendations include:
- Any company receiving Government funding over $10 million file complete audited annual financial statements with Australian Securities and Investments Commission (ASIC), comply with all Australian Accounting Standards and not be eligible for Reduced Disclosure Requirements.
- Public and private companies fully disclose all transactions between trusts or similar parties that are part of stapled structures/similar corporate structures where most or all income is earned from a related party, and where operating income is substantially reduced by lease and/or finance payments to related parties with beneficial tax treatment.
- Residential aged care companies publicly and transparently report the staffing of all aged care facilities.
ANMF assistant federal secretary Annie Butler said for-profit providers should be required by law to meet higher standards of transparency in financial reporting if they are to continue receiving millions of dollars in taxpayer funding.Do you have an idea for a story?
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