Aged care providers are due to submit their next Quarterly Financial Report (QFR) by 4 November 2022. But this is just one of several financial reporting obligations that providers must meet. Here is a short, handy summary to help you keep track of what’s due when.
The QFR is designed to provide financial reporting and strengthen prudential compliance for aged care providers. As part of the QFR, residential aged care service providers must submit:
Due Date: 4 November 2022.
How to Report: Submit via the Forms Administration data collection portal.
More information: Department of Health and Aged Care: Quarterly Financial Report; Aged Care Quality and Safety Commission: Prudential Standards Financial and Prudential Reporting Responsibilities
As part of the annual ACFR, non-government residential aged care providers must submit:
Due Date: You must submit an ACFR each financial year by 31 October.
How to Report: submit the ACFR through the online forms portal.
More information: Department of Health and Aged Care: Aged Care Financial Report; Aged Care Quality and Safety Commission: Prudential Standards Financial and Prudential Reporting Responsibilities
Approved providers who hold a refundable accommodation deposit for the reporting period must lodge an APCS detailing compliance with prudential requirements. The APCS is lodged as part of a provider’s annual Aged Care Financial Report (ACFR).
Due Date: You must submit the APCS as part of the ACFR each financial year by 31 October.
How to Report: submit as part of the ACFR through the online forms portal.
More information: Department of Health and Aged Care: Aged Care Financial Report; Aged Care Quality and Safety Commission: Prudential Standards Financial and Prudential Reporting Responsibilities
All non-government providers must submit an audited GPFR/GPFS. (Note: terminology is inconsistent with regard to this instrument; it is sometimes referred to as a report and sometimes as a statement. Here we will use the term GPFS to cover both.)
The GPFS is submitted as part of the ACFR. The GPFS must include a statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, and notes, comprising a summary of significant accounting policies and other explanatory information.
Providers must also publish their GPFS online within five months of the end of their financial year.
Due Date: You must submit the GPFS as part of the ACFR each financial year by 31 October. You must publish the GPFS online within five months of the end of the financial year.
How to Report: submit as part of the ACFR through the online forms portal.
More information: Department of Health and Aged Care: Aged Care Financial Report; Aged Care Quality and Safety Commission: Prudential Standards Financial and Prudential Reporting Responsibilities
As the summary above shows, aged care providers must submit multiple financial reports every year. According to the Department of Health and Aged Care, the Government uses the data collected from these reports for multiple purposes, including to:
This explains why providers must submit information to the Government. However, a separate question is: why must providers submit so many different reports, some of which duplicate each other’s requirements and impose administrative burdens? The answer to this may be that aged care regulation is in flux and the Government is yet to settle on the most efficient system for gathering data from providers. It may also be the case that information-gathering systems are designed to improve efficiencies for Government, not for providers.