Retirement Village Act reforms commence

The remaining reforms resulting from the legislative amendments to Retirement Villages Act 1999 commenced on 11 November 2019.

Following the passing of the legislative amendments in November 2017 the Department of Housing and Public Works embarked on a three stage implementation plan for the reforms. 

Earlier this year the Stage 1 reforms commenced and over the course of 2019 Stage 2 has been progressed with Property Council providing feedback on the draft forms in September.  The Stage 2 reforms include:

• requirements for operators to obtain approval for:
• redeveloping all or part of a village
• transferring control of a village scheme to a new operator
• closing or winding down a village scheme
• a requirement for operators to create a separate fund for general services charges
• changes how the total general services charge for a village can increase each year.

The Department has now released the final forms for Stage 2 along with updated forms for Stage 1 to coincide with the 11 November commencement of the remaining legislative provisions.  It is important to note that whilst the Stage 2 forms are now in effect the Department is yet to finalise the supporting regulation.

The stage 3 reforms (which also commenced on 11 November) will require approved forms or regulations to be issued by the Government to be effective.  The Stage 3 reforms include:

• the power to implement more standardised residence contracts
• the power to implement standardised financial statements and budgets

The Department has commenced consultation with the Property Council and other stakeholders on the Stage 3 reforms.

To access the approved forms for Stages 1 and 2, click here.  For further information on the changes to the retirement villages legislation, click here.