215Meaning of *prohibited transaction*

215 Meaning of *prohibited transaction*

(1) A prohibited transaction means any of the following—

(a) a gift from a resident, other than a gift the value of which is less than the prescribed amount;

(b) a transfer, by way of sale or exchange, of real or personal property from a resident for less than market value;

(c) a sale of real or personal property to a resident for more than market value;

(d) subject to subsection (2), a transaction with a resident, other than a transaction referred to in paragraphs (a) to (c), the value of which exceeds the prescribed amount that is not evidenced in a written agreement signed by the parties;

(e) subject to subsection (2), a transaction with a resident, other than a transaction referred to in paragraphs (a) to (c), the value of which exceeds the prescribed amount in relation to which the resident or the resident's administrator has not obtained independent financial or legal advice.

(2) A transaction referred to in subsection (1)(d) or (e) is not a prohibited transaction if—

(a) the transaction relates only to the provision of accommodation or personal support to a resident of a supported residential service in accordance with this Act; or

(b) the resident gains a benefit or advantage (financial or otherwise), or does not suffer a financial detriment, from the transaction and the provider or close associate of the provider does not gain a benefit or advantage (financial or otherwise) from the transaction.

Division 2—Information for prospective residents and new resident contact information