This year is a leap year, with 366 days instead of 365. The department has received queries from Approved Providers of residential care seeking advice on how to calculate a daily accommodation payment in a leap year.
The Fees and Payments Principles 2014 (No. 2) (the Principles) refers to 365 days when the calculating the daily payment (or contribution) equivalent to a refundable deposit (or contribution).
Residential care providers should continue to use 365 days when calculating the daily amounts equivalent to lump sums, even though 2016 is a leap year. However, please note that daily payments and daily contributions are payable for 366 days in 2016.
The calculator specified in the Principles for determining the maximum permissible interest rate (MPIR) applicable on a given day refers to the number of calendar days in the relevant year. If you are calculating the MPIR in accordance with section 6 of the Principles, you should use 366 days. The MPIR advised by the department (currently 6.22% until 31 March 2016) accounts for 2016 being a leap year.