{"id":"qld:sl-2018-0207","name":"Retirement Villages Regulation 2018","slug":"retirement-villages-regulation-2018","collection":"regulation","jurisdiction":"qld","status":"in_force","isInForce":true,"actNumber":"207 of 2018","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":174803,"registerId":"qld-qld:sl-2018-0207-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"pt.1","sectionType":"part","heading":"Preliminary","content":"# Preliminary","sortOrder":0},{"sectionNumber":"sec.1","sectionType":"section","heading":"Short title","content":"### sec.1 Short title\n\nThis regulation may be cited as the Retirement Villages Regulation 2018 .","sortOrder":1},{"sectionNumber":"sec.2","sectionType":"section","heading":"Commencement","content":"### sec.2 Commencement\n\nThis regulation commences on 1 February 2019.","sortOrder":2},{"sectionNumber":"sec.3","sectionType":"section","heading":"Definitions","content":"### sec.3 Definitions\n\nThe dictionary in schedule 7 defines particular words used in this regulation.","sortOrder":3},{"sectionNumber":"pt.2","sectionType":"part","heading":"Content of particular documents","content":"# Content of particular documents","sortOrder":4},{"sectionNumber":"sec.4","sectionType":"section","heading":"Particulars for application for registration of a retirement village scheme— Act , s 27","content":"### sec.4 Particulars for application for registration of a retirement village scheme— Act , s 27\n\nSchedule 1 prescribes, for section 27 (2) (a) (v) of the Act , particulars of a retirement village scheme to accompany an application to register the scheme.","sortOrder":5},{"sectionNumber":"sec.4A","sectionType":"section","heading":"Matters to be stated in closure plan— Act , s 40C","content":"### sec.4A Matters to be stated in closure plan— Act , s 40C\n\nThis section and schedule 1A prescribe, for section 40C (2) of the Act , matters to be stated in a closure plan for a retirement village scheme.\nA closure plan must not state matters about more than 1 retirement village scheme.\ns 4A ins 2019 SL No. 255 s 3\n(sec.4A-ssec.1) This section and schedule 1A prescribe, for section 40C (2) of the Act , matters to be stated in a closure plan for a retirement village scheme.\n(sec.4A-ssec.2) A closure plan must not state matters about more than 1 retirement village scheme.","sortOrder":6},{"sectionNumber":"sec.4B","sectionType":"section","heading":"Matters to be stated in transition plan— Act , s 41E","content":"### sec.4B Matters to be stated in transition plan— Act , s 41E\n\nThis section and schedule 1B prescribe, for section 41E (2) of the Act , matters to be stated in a transition plan for a retirement village scheme.\nA transition plan must not state matters about more than 1 retirement village scheme.\ns 4B ins 2019 SL No. 255 s 3\n(sec.4B-ssec.1) This section and schedule 1B prescribe, for section 41E (2) of the Act , matters to be stated in a transition plan for a retirement village scheme.\n(sec.4B-ssec.2) A transition plan must not state matters about more than 1 retirement village scheme.","sortOrder":7},{"sectionNumber":"sec.5","sectionType":"section","heading":"Details for residence contract— Act , s 45","content":"### sec.5 Details for residence contract— Act , s 45\n\nEach of the following details is prescribed for section 45 (1) (t) of the Act —\nthe name of the scheme and of the scheme operator and the scheme operator’s address for service of documents;\nthe name and address of the trustee who holds the amount of ingoing contribution during the cooling-off period;\nhow the resident may rescind the residence contract under the Act by giving written notice to the scheme operator;\nthe services to be supplied to the resident, including—\nservices funded from the general services charge; and\nservices funded from the personal services charge; and\nservices, if any, available on a fee-for-service basis;\nif a trustee mentioned in section 46 (1) of the Act must hold an amount of ingoing contribution until a day when a condition precedent mentioned in section 46 (3) (a) of the Act is fulfilled—the condition precedent.\n- (a) the name of the scheme and of the scheme operator and the scheme operator’s address for service of documents;\n- (b) the name and address of the trustee who holds the amount of ingoing contribution during the cooling-off period;\n- (c) how the resident may rescind the residence contract under the Act by giving written notice to the scheme operator;\n- (d) the services to be supplied to the resident, including— (i) services funded from the general services charge; and (ii) services funded from the personal services charge; and (iii) services, if any, available on a fee-for-service basis;\n- (i) services funded from the general services charge; and\n- (ii) services funded from the personal services charge; and\n- (iii) services, if any, available on a fee-for-service basis;\n- (e) if a trustee mentioned in section 46 (1) of the Act must hold an amount of ingoing contribution until a day when a condition precedent mentioned in section 46 (3) (a) of the Act is fulfilled—the condition precedent.\n- (i) services funded from the general services charge; and\n- (ii) services funded from the personal services charge; and\n- (iii) services, if any, available on a fee-for-service basis;","sortOrder":8},{"sectionNumber":"sec.6","sectionType":"section","heading":"Information to be contained in village comparison document— Act , s 74","content":"### sec.6 Information to be contained in village comparison document— Act , s 74\n\nThis section and schedule 2 prescribe, for section 74 (2) (b) of the Act , information to be contained in a village comparison document for a retirement village scheme.\nA village comparison document must not contain information about more than 1 retirement village scheme.\n(sec.6-ssec.1) This section and schedule 2 prescribe, for section 74 (2) (b) of the Act , information to be contained in a village comparison document for a retirement village scheme.\n(sec.6-ssec.2) A village comparison document must not contain information about more than 1 retirement village scheme.","sortOrder":9},{"sectionNumber":"sec.7","sectionType":"section","heading":"Information to be contained in prospective costs document— Act , s 75","content":"### sec.7 Information to be contained in prospective costs document— Act , s 75\n\nThis section and schedule 3 prescribe, for section 75 (2) (b) of the Act , information to be contained in a prospective costs document for a prospective resident of a retirement village.\nA prospective costs document may only relate to—\n1 residence contract; and\nthe accommodation unit in which the prospective resident is to reside under the residence contract; and\nthe retirement village where the accommodation unit is situated.\n(sec.7-ssec.1) This section and schedule 3 prescribe, for section 75 (2) (b) of the Act , information to be contained in a prospective costs document for a prospective resident of a retirement village.\n(sec.7-ssec.2) A prospective costs document may only relate to— 1 residence contract; and the accommodation unit in which the prospective resident is to reside under the residence contract; and the retirement village where the accommodation unit is situated.\n- (a) 1 residence contract; and\n- (b) the accommodation unit in which the prospective resident is to reside under the residence contract; and\n- (c) the retirement village where the accommodation unit is situated.","sortOrder":10},{"sectionNumber":"sec.8","sectionType":"section","heading":"Waiver given under Act , s 84","content":"### sec.8 Waiver given under Act , s 84\n\nA waiver given under section 84 (3) of the Act in relation to a residence contract must contain the particulars stated in schedule 4 .\nSee also section 84 (4) (b) of the Act .","sortOrder":11},{"sectionNumber":"sec.8A","sectionType":"section","heading":"Matters to be stated in redevelopment plan— Act , s 113E","content":"### sec.8A Matters to be stated in redevelopment plan— Act , s 113E\n\nThis section and schedule 4A prescribe, for section 113E (2) of the Act , matters to be stated in a redevelopment plan for a retirement village.\nA redevelopment plan must not state matters about more than 1 retirement village.\ns 8A ins 2019 SL No. 255 s 4\n(sec.8A-ssec.1) This section and schedule 4A prescribe, for section 113E (2) of the Act , matters to be stated in a redevelopment plan for a retirement village.\n(sec.8A-ssec.2) A redevelopment plan must not state matters about more than 1 retirement village.","sortOrder":12},{"sectionNumber":"pt.3","sectionType":"part","heading":"Condition reports","content":"# Condition reports","sortOrder":13},{"sectionNumber":"pt.3-div.1","sectionType":"division","heading":"Entry condition reports","content":"## Entry condition reports","sortOrder":14},{"sectionNumber":"sec.9","sectionType":"section","heading":"Application of division— Act , s 76","content":"### sec.9 Application of division— Act , s 76\n\nThis division prescribes, for section 76 (2) (a) of the Act , how a condition report mentioned in that section (an entry condition report ) must be completed.","sortOrder":15},{"sectionNumber":"sec.10","sectionType":"section","heading":"Completion of entry condition report","content":"### sec.10 Completion of entry condition report\n\nThe person who carries out the inspection to which the entry condition report relates must complete the report to the best of the person’s knowledge.","sortOrder":16},{"sectionNumber":"sec.11","sectionType":"section","heading":"Content of entry condition report","content":"### sec.11 Content of entry condition report\n\nThe entry condition report must—\nidentify—\nthe accommodation unit to which the report relates; and\nthe retirement village where the accommodation unit is situated; and\nthe prospective resident of the accommodation unit; and\nthe scheme operator of the scheme for the retirement village; and\nthe person who carries out the inspection; and\nstate—\nthe date the inspection is carried out; and\nthe date the report is completed; and\nthe date the report is given to the prospective resident; and\nwhether the inspection was carried out in the presence of the prospective resident or a person acting for the prospective resident; and\ndescribe in detail—\nthe condition of the accommodation unit, including each room in the unit; and\nthe condition of anything included with the accommodation unit under the residence contract for the unit; and\nanything in, on or otherwise part of the accommodation unit whose condition is not the responsibility of the prospective resident; and\nif the scheme operator agrees to carry out repairs to the accommodation unit—the repairs, including the date of completion for the repairs.\nIf the approved form for the entry condition report requires a date relating to a particular matter to be stated in the report, the person completing the report must—\nif the person knows the date—insert the date; or\notherwise—\ninsert an approximate date; and\nindicate in the report that the inserted date is approximate.\nThe scheme operator is not exempted from complying with subsection (1) by including with the entry condition report a document, or a copy of a document, providing for a matter mentioned in that subsection.\n(sec.11-ssec.1) The entry condition report must— identify— the accommodation unit to which the report relates; and the retirement village where the accommodation unit is situated; and the prospective resident of the accommodation unit; and the scheme operator of the scheme for the retirement village; and the person who carries out the inspection; and state— the date the inspection is carried out; and the date the report is completed; and the date the report is given to the prospective resident; and whether the inspection was carried out in the presence of the prospective resident or a person acting for the prospective resident; and describe in detail— the condition of the accommodation unit, including each room in the unit; and the condition of anything included with the accommodation unit under the residence contract for the unit; and anything in, on or otherwise part of the accommodation unit whose condition is not the responsibility of the prospective resident; and if the scheme operator agrees to carry out repairs to the accommodation unit—the repairs, including the date of completion for the repairs.\n(sec.11-ssec.2) If the approved form for the entry condition report requires a date relating to a particular matter to be stated in the report, the person completing the report must— if the person knows the date—insert the date; or otherwise— insert an approximate date; and indicate in the report that the inserted date is approximate.\n(sec.11-ssec.3) The scheme operator is not exempted from complying with subsection (1) by including with the entry condition report a document, or a copy of a document, providing for a matter mentioned in that subsection.\n- (a) identify— (i) the accommodation unit to which the report relates; and (ii) the retirement village where the accommodation unit is situated; and (iii) the prospective resident of the accommodation unit; and (iv) the scheme operator of the scheme for the retirement village; and (v) the person who carries out the inspection; and\n- (i) the accommodation unit to which the report relates; and\n- (ii) the retirement village where the accommodation unit is situated; and\n- (iii) the prospective resident of the accommodation unit; and\n- (iv) the scheme operator of the scheme for the retirement village; and\n- (v) the person who carries out the inspection; and\n- (b) state— (i) the date the inspection is carried out; and (ii) the date the report is completed; and (iii) the date the report is given to the prospective resident; and (iv) whether the inspection was carried out in the presence of the prospective resident or a person acting for the prospective resident; and\n- (i) the date the inspection is carried out; and\n- (ii) the date the report is completed; and\n- (iii) the date the report is given to the prospective resident; and\n- (iv) whether the inspection was carried out in the presence of the prospective resident or a person acting for the prospective resident; and\n- (c) describe in detail— (i) the condition of the accommodation unit, including each room in the unit; and (ii) the condition of anything included with the accommodation unit under the residence contract for the unit; and (iii) anything in, on or otherwise part of the accommodation unit whose condition is not the responsibility of the prospective resident; and (iv) if the scheme operator agrees to carry out repairs to the accommodation unit—the repairs, including the date of completion for the repairs.\n- (i) the condition of the accommodation unit, including each room in the unit; and\n- (ii) the condition of anything included with the accommodation unit under the residence contract for the unit; and\n- (iii) anything in, on or otherwise part of the accommodation unit whose condition is not the responsibility of the prospective resident; and\n- (iv) if the scheme operator agrees to carry out repairs to the accommodation unit—the repairs, including the date of completion for the repairs.\n- (i) the accommodation unit to which the report relates; and\n- (ii) the retirement village where the accommodation unit is situated; and\n- (iii) the prospective resident of the accommodation unit; and\n- (iv) the scheme operator of the scheme for the retirement village; and\n- (v) the person who carries out the inspection; and\n- (i) the date the inspection is carried out; and\n- (ii) the date the report is completed; and\n- (iii) the date the report is given to the prospective resident; and\n- (iv) whether the inspection was carried out in the presence of the prospective resident or a person acting for the prospective resident; and\n- (i) the condition of the accommodation unit, including each room in the unit; and\n- (ii) the condition of anything included with the accommodation unit under the residence contract for the unit; and\n- (iii) anything in, on or otherwise part of the accommodation unit whose condition is not the responsibility of the prospective resident; and\n- (iv) if the scheme operator agrees to carry out repairs to the accommodation unit—the repairs, including the date of completion for the repairs.\n- (a) if the person knows the date—insert the date; or\n- (b) otherwise— (i) insert an approximate date; and (ii) indicate in the report that the inserted date is approximate.\n- (i) insert an approximate date; and\n- (ii) indicate in the report that the inserted date is approximate.\n- (i) insert an approximate date; and\n- (ii) indicate in the report that the inserted date is approximate.","sortOrder":17},{"sectionNumber":"sec.12","sectionType":"section","heading":"Completion of inspection and report in prospective resident’s absence","content":"### sec.12 Completion of inspection and report in prospective resident’s absence\n\nIf the prospective resident gives written consent under section 76 (3) of the Act in relation to the inspection, the scheme operator must include with the entry condition report a copy of the written consent.","sortOrder":18},{"sectionNumber":"pt.3-div.2","sectionType":"division","heading":"Exit condition reports","content":"## Exit condition reports","sortOrder":19},{"sectionNumber":"sec.13","sectionType":"section","heading":"Application of division— Act , s 77","content":"### sec.13 Application of division— Act , s 77\n\nThis division states requirements for a condition report mentioned in section 77 (1) (a) of the Act (an exit condition report ).","sortOrder":20},{"sectionNumber":"sec.14","sectionType":"section","heading":"Completion of exit condition report","content":"### sec.14 Completion of exit condition report\n\nThe person who carries out the inspection to which the exit condition report relates must complete the report to the best of the person’s knowledge.","sortOrder":21},{"sectionNumber":"sec.15","sectionType":"section","heading":"Content of exit condition report","content":"### sec.15 Content of exit condition report\n\nThe exit condition report must—\nidentify—\nthe accommodation unit to which the report relates; and\nthe retirement village where the accommodation unit is situated; and\nthe former resident of the accommodation unit; and\nthe scheme operator of the scheme for the retirement village; and\nthe person who carries out the inspection; and\nstate—\nthe resident’s termination date for the accommodation unit; and\nthe date the inspection is carried out; and\nthe date the report is completed; and\nthe date the report is given to the former resident; and\ndescribe in detail—\nthe condition of the accommodation unit, including each room in the unit; and\nthe condition of anything in, on or otherwise part of the accommodation unit whose condition is the responsibility of the former resident; and\nany renovation or change to the accommodation unit carried out while the former resident resided in the unit; and\nthe extent to which a renovation or change mentioned in subparagraph (iii) was carried out with the scheme operator’s agreement; and\nany reinstatement work for the accommodation unit the former resident agrees to carry out.\nIf the approved form for the exit condition report requires a date to be stated in the report, the person completing the report must—\nif the person knows the date—insert the date; or\notherwise—\ninsert an approximate date; and\nindicate in the report that the inserted date is approximate.\nThe scheme operator is not exempted from complying with subsection (1) by including with the exit condition report a document providing for a matter mentioned in that subsection.\n(sec.15-ssec.1) The exit condition report must— identify— the accommodation unit to which the report relates; and the retirement village where the accommodation unit is situated; and the former resident of the accommodation unit; and the scheme operator of the scheme for the retirement village; and the person who carries out the inspection; and state— the resident’s termination date for the accommodation unit; and the date the inspection is carried out; and the date the report is completed; and the date the report is given to the former resident; and describe in detail— the condition of the accommodation unit, including each room in the unit; and the condition of anything in, on or otherwise part of the accommodation unit whose condition is the responsibility of the former resident; and any renovation or change to the accommodation unit carried out while the former resident resided in the unit; and the extent to which a renovation or change mentioned in subparagraph (iii) was carried out with the scheme operator’s agreement; and any reinstatement work for the accommodation unit the former resident agrees to carry out.\n(sec.15-ssec.2) If the approved form for the exit condition report requires a date to be stated in the report, the person completing the report must— if the person knows the date—insert the date; or otherwise— insert an approximate date; and indicate in the report that the inserted date is approximate.\n(sec.15-ssec.3) The scheme operator is not exempted from complying with subsection (1) by including with the exit condition report a document providing for a matter mentioned in that subsection.\n- (a) identify— (i) the accommodation unit to which the report relates; and (ii) the retirement village where the accommodation unit is situated; and (iii) the former resident of the accommodation unit; and (iv) the scheme operator of the scheme for the retirement village; and (v) the person who carries out the inspection; and\n- (i) the accommodation unit to which the report relates; and\n- (ii) the retirement village where the accommodation unit is situated; and\n- (iii) the former resident of the accommodation unit; and\n- (iv) the scheme operator of the scheme for the retirement village; and\n- (v) the person who carries out the inspection; and\n- (b) state— (i) the resident’s termination date for the accommodation unit; and (ii) the date the inspection is carried out; and (iii) the date the report is completed; and (iv) the date the report is given to the former resident; and\n- (i) the resident’s termination date for the accommodation unit; and\n- (ii) the date the inspection is carried out; and\n- (iii) the date the report is completed; and\n- (iv) the date the report is given to the former resident; and\n- (c) describe in detail— (i) the condition of the accommodation unit, including each room in the unit; and (ii) the condition of anything in, on or otherwise part of the accommodation unit whose condition is the responsibility of the former resident; and (iii) any renovation or change to the accommodation unit carried out while the former resident resided in the unit; and (iv) the extent to which a renovation or change mentioned in subparagraph (iii) was carried out with the scheme operator’s agreement; and (v) any reinstatement work for the accommodation unit the former resident agrees to carry out.\n- (i) the condition of the accommodation unit, including each room in the unit; and\n- (ii) the condition of anything in, on or otherwise part of the accommodation unit whose condition is the responsibility of the former resident; and\n- (iii) any renovation or change to the accommodation unit carried out while the former resident resided in the unit; and\n- (iv) the extent to which a renovation or change mentioned in subparagraph (iii) was carried out with the scheme operator’s agreement; and\n- (v) any reinstatement work for the accommodation unit the former resident agrees to carry out.\n- (i) the accommodation unit to which the report relates; and\n- (ii) the retirement village where the accommodation unit is situated; and\n- (iii) the former resident of the accommodation unit; and\n- (iv) the scheme operator of the scheme for the retirement village; and\n- (v) the person who carries out the inspection; and\n- (i) the resident’s termination date for the accommodation unit; and\n- (ii) the date the inspection is carried out; and\n- (iii) the date the report is completed; and\n- (iv) the date the report is given to the former resident; and\n- (i) the condition of the accommodation unit, including each room in the unit; and\n- (ii) the condition of anything in, on or otherwise part of the accommodation unit whose condition is the responsibility of the former resident; and\n- (iii) any renovation or change to the accommodation unit carried out while the former resident resided in the unit; and\n- (iv) the extent to which a renovation or change mentioned in subparagraph (iii) was carried out with the scheme operator’s agreement; and\n- (v) any reinstatement work for the accommodation unit the former resident agrees to carry out.\n- (a) if the person knows the date—insert the date; or\n- (b) otherwise— (i) insert an approximate date; and (ii) indicate in the report that the inserted date is approximate.\n- (i) insert an approximate date; and\n- (ii) indicate in the report that the inserted date is approximate.\n- (i) insert an approximate date; and\n- (ii) indicate in the report that the inserted date is approximate.","sortOrder":22},{"sectionNumber":"pt.4","sectionType":"part","heading":"Operational documents","content":"# Operational documents","sortOrder":23},{"sectionNumber":"sec.16","sectionType":"section","heading":"Prescription of operational documents relating to operation of retirement village scheme— Act , s 85","content":"### sec.16 Prescription of operational documents relating to operation of retirement village scheme— Act , s 85\n\nThis section and schedule 5 prescribe, for section 85 (1) of the Act , operational documents, relating to the operation of a retirement village scheme, that may be accessed under section 85 of the Act .\nThe scheme operator’s copy of each of the following is prescribed as an operational document, relating to the operation of a retirement village scheme, that may be accessed under section 85 of the Act by a resident of the retirement village to which the scheme relates—\na residence contract the resident and scheme operator have entered into;\na public information document relating to a residence contract mentioned in paragraph (a) .\n(sec.16-ssec.1) This section and schedule 5 prescribe, for section 85 (1) of the Act , operational documents, relating to the operation of a retirement village scheme, that may be accessed under section 85 of the Act .\n(sec.16-ssec.2) The scheme operator’s copy of each of the following is prescribed as an operational document, relating to the operation of a retirement village scheme, that may be accessed under section 85 of the Act by a resident of the retirement village to which the scheme relates— a residence contract the resident and scheme operator have entered into; a public information document relating to a residence contract mentioned in paragraph (a) .\n- (a) a residence contract the resident and scheme operator have entered into;\n- (b) a public information document relating to a residence contract mentioned in paragraph (a) .","sortOrder":24},{"sectionNumber":"pt.4A","sectionType":"part","heading":"Requirements for financial documents","content":"# Requirements for financial documents","sortOrder":25},{"sectionNumber":"sec.16A","sectionType":"section","heading":"Requirements for capital replacement fund budget— Act , s 113AA","content":"### sec.16A Requirements for capital replacement fund budget— Act , s 113AA\n\nThis section prescribes, for section 113AA (1) (b) and (2) of the Act , the form of, and the information that must be included in, a capital replacement fund budget.\nA capital replacement fund budget must include—\na statement for the financial year that complies with schedule 5A , part 1 ; and\nthe disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and\na scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 .\nSee also section 16H .\ns 16A (prev s 16AA) ins 2024 SL No. 71 s 3\nrenum 2024 SL No. 71 s 6\n(sec.16A-ssec.1) This section prescribes, for section 113AA (1) (b) and (2) of the Act , the form of, and the information that must be included in, a capital replacement fund budget.\n(sec.16A-ssec.2) A capital replacement fund budget must include— a statement for the financial year that complies with schedule 5A , part 1 ; and the disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and a scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 . See also section 16H . s 16A (prev s 16AA) ins 2024 SL No. 71 s 3 renum 2024 SL No. 71 s 6\n- (a) a statement for the financial year that complies with schedule 5A , part 1 ; and\n- (b) the disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and\n- (c) a scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 .","sortOrder":26},{"sectionNumber":"sec.16B","sectionType":"section","heading":"Requirements for maintenance reserve fund budget— Act , s 113AA","content":"### sec.16B Requirements for maintenance reserve fund budget— Act , s 113AA\n\nThis section prescribes, for section 113AA (1) (b) and (2) of the Act , the form of, and the information that must be included in, a maintenance reserve fund budget.\nA maintenance reserve fund budget must include—\na statement for the financial year that complies with schedule 5A , part 2 ; and\nthe disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and\na scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 .\nSee also section 16H .\ns 16B (prev s 16AB) ins 2024 SL No. 71 s 3\nrenum 2024 SL No. 71 s 6\n(sec.16B-ssec.1) This section prescribes, for section 113AA (1) (b) and (2) of the Act , the form of, and the information that must be included in, a maintenance reserve fund budget.\n(sec.16B-ssec.2) A maintenance reserve fund budget must include— a statement for the financial year that complies with schedule 5A , part 2 ; and the disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and a scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 . See also section 16H .\n- (a) a statement for the financial year that complies with schedule 5A , part 2 ; and\n- (b) the disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and\n- (c) a scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 .","sortOrder":27},{"sectionNumber":"sec.16C","sectionType":"section","heading":"Requirements for general services charge budget— Act , s 113AA","content":"### sec.16C Requirements for general services charge budget— Act , s 113AA\n\nThis section prescribes, for section 113AA (1) (b) and (2) of the Act , the form of, and the information that must be included in, a general services charge budget.\nA general services charge budget must include—\na statement for the financial year that complies with schedule 5A , part 3 ; and\nthe disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and\na scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 .\nSee also section 16H .\ns 16C (prev s 16AC) ins 2024 SL No. 71 s 3\nrenum 2024 SL No. 71 s 6\n(sec.16C-ssec.1) This section prescribes, for section 113AA (1) (b) and (2) of the Act , the form of, and the information that must be included in, a general services charge budget.\n(sec.16C-ssec.2) A general services charge budget must include— a statement for the financial year that complies with schedule 5A , part 3 ; and the disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and a scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 . See also section 16H .\n- (a) a statement for the financial year that complies with schedule 5A , part 3 ; and\n- (b) the disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and\n- (c) a scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 .","sortOrder":28},{"sectionNumber":"sec.16D","sectionType":"section","heading":"Requirements for annual financial statements— Act , s 113AA","content":"### sec.16D Requirements for annual financial statements— Act , s 113AA\n\nThis section prescribes, for section 113AA (1) (b) and (2) of the Act , the form of, and the information that must be included in, an annual financial statement.\nAn annual financial statement must include—\nthe following statements for the financial year to which the annual financial statement relates—\na statement for the capital replacement fund that complies with schedule 5B , part 1 ; and\na statement for the maintenance reserve fund that complies with schedule 5B , part 2 ; and\na statement for the general services charges fund that complies with schedule 5B , part 3 ; and\na statement of assets and liabilities as at the end of the financial year that complies with schedule 5B , part 4 ; and\nthe accounting disclosure notes mentioned in schedule 5B , part 5 , division 2 ; and\nthe other information mentioned in schedule 5B , part 6 .\nSee also section 16H .\ns 16D (prev s 16AD) ins 2024 SL No. 71 s 3\nrenum 2024 SL No. 71 s 6\n(sec.16D-ssec.1) This section prescribes, for section 113AA (1) (b) and (2) of the Act , the form of, and the information that must be included in, an annual financial statement.\n(sec.16D-ssec.2) An annual financial statement must include— the following statements for the financial year to which the annual financial statement relates— a statement for the capital replacement fund that complies with schedule 5B , part 1 ; and a statement for the maintenance reserve fund that complies with schedule 5B , part 2 ; and a statement for the general services charges fund that complies with schedule 5B , part 3 ; and a statement of assets and liabilities as at the end of the financial year that complies with schedule 5B , part 4 ; and the accounting disclosure notes mentioned in schedule 5B , part 5 , division 2 ; and the other information mentioned in schedule 5B , part 6 . See also section 16H .\n- (a) the following statements for the financial year to which the annual financial statement relates— (i) a statement for the capital replacement fund that complies with schedule 5B , part 1 ; and (ii) a statement for the maintenance reserve fund that complies with schedule 5B , part 2 ; and (iii) a statement for the general services charges fund that complies with schedule 5B , part 3 ; and\n- (i) a statement for the capital replacement fund that complies with schedule 5B , part 1 ; and\n- (ii) a statement for the maintenance reserve fund that complies with schedule 5B , part 2 ; and\n- (iii) a statement for the general services charges fund that complies with schedule 5B , part 3 ; and\n- (b) a statement of assets and liabilities as at the end of the financial year that complies with schedule 5B , part 4 ; and\n- (c) the accounting disclosure notes mentioned in schedule 5B , part 5 , division 2 ; and\n- (d) the other information mentioned in schedule 5B , part 6 .\n- (i) a statement for the capital replacement fund that complies with schedule 5B , part 1 ; and\n- (ii) a statement for the maintenance reserve fund that complies with schedule 5B , part 2 ; and\n- (iii) a statement for the general services charges fund that complies with schedule 5B , part 3 ; and","sortOrder":29},{"sectionNumber":"sec.16E","sectionType":"section","heading":"Requirements for quarterly financial statements— Act , s 113AA","content":"### sec.16E Requirements for quarterly financial statements— Act , s 113AA\n\nThis section prescribes, for section 113AA (1) (b) and (2) of the Act , the form of, and the information that must be included in, a quarterly financial statement.\nA quarterly financial statement must include—\nthe following statements for the financial quarter to which the quarterly financial statement relates—\na statement for the capital replacement fund that complies with schedule 5B , part 1 ; and\na statement for the maintenance reserve fund that complies with schedule 5B , part 2 ; and\na statement for the general services charges fund that complies with schedule 5B , part 3 ; and\nthe accounting disclosure notes mentioned in schedule 5B , part 5 , division 3 .\nSee also section 16H .\ns 16E (prev s 16AE) ins 2024 SL No. 71 s 3\nrenum 2024 SL No. 71 s 6\n(sec.16E-ssec.1) This section prescribes, for section 113AA (1) (b) and (2) of the Act , the form of, and the information that must be included in, a quarterly financial statement.\n(sec.16E-ssec.2) A quarterly financial statement must include— the following statements for the financial quarter to which the quarterly financial statement relates— a statement for the capital replacement fund that complies with schedule 5B , part 1 ; and a statement for the maintenance reserve fund that complies with schedule 5B , part 2 ; and a statement for the general services charges fund that complies with schedule 5B , part 3 ; and the accounting disclosure notes mentioned in schedule 5B , part 5 , division 3 . See also section 16H .\n- (a) the following statements for the financial quarter to which the quarterly financial statement relates— (i) a statement for the capital replacement fund that complies with schedule 5B , part 1 ; and (ii) a statement for the maintenance reserve fund that complies with schedule 5B , part 2 ; and (iii) a statement for the general services charges fund that complies with schedule 5B , part 3 ; and\n- (i) a statement for the capital replacement fund that complies with schedule 5B , part 1 ; and\n- (ii) a statement for the maintenance reserve fund that complies with schedule 5B , part 2 ; and\n- (iii) a statement for the general services charges fund that complies with schedule 5B , part 3 ; and\n- (b) the accounting disclosure notes mentioned in schedule 5B , part 5 , division 3 .\n- (i) a statement for the capital replacement fund that complies with schedule 5B , part 1 ; and\n- (ii) a statement for the maintenance reserve fund that complies with schedule 5B , part 2 ; and\n- (iii) a statement for the general services charges fund that complies with schedule 5B , part 3 ; and","sortOrder":30},{"sectionNumber":"sec.16F","sectionType":"section","heading":"Requirements for audit reports— Act , s 113AA","content":"### sec.16F Requirements for audit reports— Act , s 113AA\n\nThis section prescribes—\nthe form of, and the information that must be included in, an audit report for section 113AA (1) (b) and (2) of the Act ; and\nthe standards and principals an audit report must be prepared in accordance with section 113AA (1) (c) of the Act .\nAn audit report for an annual financial statement must include the information mentioned in schedule 5B , part 7 .\nAn audit report must be prepared in accordance with the Australian Auditing Standards.\nSee also section 16H .\ns 16F (prev s 16AF) ins 2024 SL No. 71 s 3\nrenum 2024 SL No. 71 s 6\n(sec.16F-ssec.1) This section prescribes— the form of, and the information that must be included in, an audit report for section 113AA (1) (b) and (2) of the Act ; and the standards and principals an audit report must be prepared in accordance with section 113AA (1) (c) of the Act .\n(sec.16F-ssec.2) An audit report for an annual financial statement must include the information mentioned in schedule 5B , part 7 .\n(sec.16F-ssec.3) An audit report must be prepared in accordance with the Australian Auditing Standards.\n- (a) the form of, and the information that must be included in, an audit report for section 113AA (1) (b) and (2) of the Act ; and\n- (b) the standards and principals an audit report must be prepared in accordance with section 113AA (1) (c) of the Act .","sortOrder":31},{"sectionNumber":"sec.16G","sectionType":"section","heading":"Requirements for independent quantity surveyor’s written reports— Act , s 113AA","content":"### sec.16G Requirements for independent quantity surveyor’s written reports— Act , s 113AA\n\nThis section prescribes, for section 113AA (1) (b) and (2) of the Act , the information that must be included in a capital replacement quantity surveyor report or a maintenance and repair quantity surveyor report.\nThe report must include the information mentioned in schedule 5C .\nSee also section 16H .\ns 16G (prev s 16AG) ins 2024 SL No. 71 s 3\nrenum 2024 SL No. 71 s 6\n(sec.16G-ssec.1) This section prescribes, for section 113AA (1) (b) and (2) of the Act , the information that must be included in a capital replacement quantity surveyor report or a maintenance and repair quantity surveyor report.\n(sec.16G-ssec.2) The report must include the information mentioned in schedule 5C .","sortOrder":32},{"sectionNumber":"sec.16H","sectionType":"section","heading":"Financial documents may include other information","content":"### sec.16H Financial documents may include other information\n\nNothing in sections 16A to 16G prevents a document mentioned in those sections from including information in addition to the information required to be included in the document under those sections.\ns 16H (prev s 16AH) ins 2024 SL No. 71 s 3\nrenum 2024 SL No. 71 s 6","sortOrder":33},{"sectionNumber":"pt.4B","sectionType":"part","heading":"Miscellaneous","content":"# Miscellaneous","sortOrder":34},{"sectionNumber":"sec.16I","sectionType":"section","heading":"Redevelopment of a retirement village— Act , s 113C","content":"### sec.16I Redevelopment of a retirement village— Act , s 113C\n\nFor section 113C (3) of the Act , definition redevelopment , paragraph (e) , an expansion or reduction of an area of greenspace or parkland in the retirement village, other than a minor expansion or reduction of the area, is prescribed.\na small expansion of a grassed area by laying turf\nclearing a small grassed area to construct a footpath\ns 16I (prev s 16A) ins 2019 SL No. 255 s 5\nrenum 2024 SL No. 71 s 6","sortOrder":35},{"sectionNumber":"sec.16J","sectionType":"section","heading":"Declaration of exemption— Act , s 70D","content":"### sec.16J Declaration of exemption— Act , s 70D\n\nThis section applies, for section 70D (1) of the Act , in relation to a scheme under which a retirement village, described in schedule 5D , columns 1 and 2, is operated by a scheme operator mentioned opposite in column 3.\nAn exemption under section 70D of the Act is declared to apply to the scheme.\ns 16J (prev s 16B) ins 2022 SL No. 59 s 3\namd 2024 SL No. 71 s 4\nrenum 2024 SL No. 71 s 6\n(sec.16J-ssec.1) This section applies, for section 70D (1) of the Act , in relation to a scheme under which a retirement village, described in schedule 5D , columns 1 and 2, is operated by a scheme operator mentioned opposite in column 3.\n(sec.16J-ssec.2) An exemption under section 70D of the Act is declared to apply to the scheme.","sortOrder":36},{"sectionNumber":"pt.5","sectionType":"part","heading":"Fees","content":"# Fees","sortOrder":37},{"sectionNumber":"sec.17","sectionType":"section","heading":"Fees","content":"### sec.17 Fees\n\nThe fees payable under the Act are stated in schedule 6 .\nA scheme operator must not charge a resident or prospective resident of a retirement village a fee for preparing or giving to the resident or prospective resident any of the following relating to the retirement village—\na village comparison document;\na prospective costs document;\na condition report;\nan operational document, other than an operational document prescribed under section 16 (2) .\nAlso, a scheme operator must not—\ncharge a resident of a retirement village a fee for preparing or giving to the resident the resident’s copy of—\na residence contract the resident and scheme operator have entered into; or\na public information document relating to a residence contract mentioned in subparagraph (i) ; or\ncharge a prospective resident of a retirement village a fee for preparing or giving to the prospective resident a proposed residence contract for the prospective resident.\n(sec.17-ssec.1) The fees payable under the Act are stated in schedule 6 .\n(sec.17-ssec.2) A scheme operator must not charge a resident or prospective resident of a retirement village a fee for preparing or giving to the resident or prospective resident any of the following relating to the retirement village— a village comparison document; a prospective costs document; a condition report; an operational document, other than an operational document prescribed under section 16 (2) .\n(sec.17-ssec.3) Also, a scheme operator must not— charge a resident of a retirement village a fee for preparing or giving to the resident the resident’s copy of— a residence contract the resident and scheme operator have entered into; or a public information document relating to a residence contract mentioned in subparagraph (i) ; or charge a prospective resident of a retirement village a fee for preparing or giving to the prospective resident a proposed residence contract for the prospective resident.\n- (a) a village comparison document;\n- (b) a prospective costs document;\n- (c) a condition report;\n- (d) an operational document, other than an operational document prescribed under section 16 (2) .\n- (a) charge a resident of a retirement village a fee for preparing or giving to the resident the resident’s copy of— (i) a residence contract the resident and scheme operator have entered into; or (ii) a public information document relating to a residence contract mentioned in subparagraph (i) ; or\n- (i) a residence contract the resident and scheme operator have entered into; or\n- (ii) a public information document relating to a residence contract mentioned in subparagraph (i) ; or\n- (b) charge a prospective resident of a retirement village a fee for preparing or giving to the prospective resident a proposed residence contract for the prospective resident.\n- (i) a residence contract the resident and scheme operator have entered into; or\n- (ii) a public information document relating to a residence contract mentioned in subparagraph (i) ; or","sortOrder":38},{"sectionNumber":"pt.6","sectionType":"part","heading":"Repeal and transitional provisions","content":"# Repeal and transitional provisions","sortOrder":39},{"sectionNumber":"pt.6-div.1","sectionType":"division","heading":"Repeal","content":"## Repeal","sortOrder":40},{"sectionNumber":"sec.18","sectionType":"section","heading":"Repeal","content":"### sec.18 Repeal\n\nThe Retirement Villages Regulation 2010, SL No. 207 is repealed.","sortOrder":41},{"sectionNumber":"pt.6-div.2","sectionType":"division","heading":"Transitional provisions for Retirement Villages (Financial Documents) Amendment Regulation 2024","content":"## Transitional provisions for Retirement Villages (Financial Documents) Amendment Regulation 2024","sortOrder":42},{"sectionNumber":"sec.19","sectionType":"section","heading":"Application of ss 16A to 16C and 16H to fund budgets","content":"### sec.19 Application of ss 16A to 16C and 16H to fund budgets\n\nSections 16A to 16C and 16H do not apply in relation to a fund budget for a financial year ending before 1 July 2025.\ns 19 ins 2024 SL No. 71 s 8","sortOrder":43},{"sectionNumber":"sec.20","sectionType":"section","heading":"Application of s 16D and 16H to annual financial statements","content":"### sec.20 Application of s 16D and 16H to annual financial statements\n\nSections 16D and 16H do not apply in relation to an annual financial statement for a financial year ending before 1 July 2025.\ns 20 ins 2024 SL No. 71 s 8","sortOrder":44},{"sectionNumber":"sec.21","sectionType":"section","heading":"Application of s 16E and 16H to quarterly financial statements","content":"### sec.21 Application of s 16E and 16H to quarterly financial statements\n\nSections 16E and 16H do not apply in relation to a quarterly financial statement for a financial quarter ending before 1 July 2025.\ns 21 ins 2024 SL No. 71 s 8","sortOrder":45},{"sectionNumber":"sec.22","sectionType":"section","heading":"Application of s 16F and 16H to audit reports","content":"### sec.22 Application of s 16F and 16H to audit reports\n\nSections 16F(2) and 16H do not apply in relation to an audit report issued for an annual financial statement for a financial year ending before 1 July 2025\ns 22 ins 2024 SL No. 71 s 8","sortOrder":46},{"sectionNumber":"sec.23","sectionType":"section","heading":"Application of s 16G and 16H to independent quantity surveyor’s written reports","content":"### sec.23 Application of s 16G and 16H to independent quantity surveyor’s written reports\n\nSections 16G and 16H do not apply in relation to a capital replacement quantity surveyor report or a maintenance and repair quantity surveyor report prepared before 1 July 2024.\ns 23 ins 2024 SL No. 71 s 8","sortOrder":47},{"sectionNumber":"sec.24","sectionType":"section","heading":"Use of best estimates of corresponding amounts","content":"### sec.24 Use of best estimates of corresponding amounts\n\nThis section applies in relation to a statement mentioned in a relevant provision if—\nthe statement is for the financial year starting on 1 July 2025; and\na provision of schedule 5A or 5B requires the statement to state a corresponding amount.\nSee schedule 5A, sections 5, 10 and 15 and schedule 5B, sections 5, 6(b), 11, 12(b), 17 and 18(b).\nThe statement is taken to comply with the requirement mentioned in subsection (1)(b) if the statement—\nstates the best estimate of the corresponding amount; and\nincludes an accounting disclosure note stating that the corresponding amount mentioned in paragraph (a) is an estimate.\nIn this section—\nrelevant provision means each of the following provisions—\nsection 16A(2)(a);\nsection 16B(2)(a);\nsection 16C(2)(a);\nsection 16D(2)(a);\nsection 16E(2)(a).\ns 24 ins 2024 SL No. 71 s 8\n(sec.24-ssec.1) This section applies in relation to a statement mentioned in a relevant provision if— the statement is for the financial year starting on 1 July 2025; and a provision of schedule 5A or 5B requires the statement to state a corresponding amount. See schedule 5A, sections 5, 10 and 15 and schedule 5B, sections 5, 6(b), 11, 12(b), 17 and 18(b).\n(sec.24-ssec.2) The statement is taken to comply with the requirement mentioned in subsection (1)(b) if the statement— states the best estimate of the corresponding amount; and includes an accounting disclosure note stating that the corresponding amount mentioned in paragraph (a) is an estimate.\n(sec.24-ssec.3) In this section— relevant provision means each of the following provisions— section 16A(2)(a); section 16B(2)(a); section 16C(2)(a); section 16D(2)(a); section 16E(2)(a).\n- (a) the statement is for the financial year starting on 1 July 2025; and\n- (b) a provision of schedule 5A or 5B requires the statement to state a corresponding amount. Note— See schedule 5A, sections 5, 10 and 15 and schedule 5B, sections 5, 6(b), 11, 12(b), 17 and 18(b).\n- (a) states the best estimate of the corresponding amount; and\n- (b) includes an accounting disclosure note stating that the corresponding amount mentioned in paragraph (a) is an estimate.\n- (a) section 16A(2)(a);\n- (b) section 16B(2)(a);\n- (c) section 16C(2)(a);\n- (d) section 16D(2)(a);\n- (e) section 16E(2)(a).","sortOrder":48},{"sectionNumber":"sch.5A-pt.1","sectionType":"part","heading":"Capital replacement fund budget","content":"# Capital replacement fund budget","sortOrder":49},{"sectionNumber":"sch.5A-sec.1","sectionType":"section","heading":"Application of part","content":"### sch.5A-sec.1 Application of part\n\nThis part states requirements for a statement, mentioned in section 16A (2) (a) of the regulation, for the capital replacement fund budget.","sortOrder":50},{"sectionNumber":"sch.5A-sec.2","sectionType":"section","heading":"Expected income of capital replacement fund","content":"### sch.5A-sec.2 Expected income of capital replacement fund\n\nThe statement must have a section for the expected income of the capital replacement fund that—\nlists, as separate line items—\neach amount expected to be paid into the fund under section 94 (1) (a) , (b) or (f) of the Act ; and\nthe total of the capital replacement fund contributions expected to be paid into the fund under section 94 (1) (c) of the Act ; and\nthe total of other amounts expected to be paid into the fund; and\nstates the total expected income of the fund.\n- (a) lists, as separate line items— (i) each amount expected to be paid into the fund under section 94 (1) (a) , (b) or (f) of the Act ; and (ii) the total of the capital replacement fund contributions expected to be paid into the fund under section 94 (1) (c) of the Act ; and (iii) the total of other amounts expected to be paid into the fund; and\n- (i) each amount expected to be paid into the fund under section 94 (1) (a) , (b) or (f) of the Act ; and\n- (ii) the total of the capital replacement fund contributions expected to be paid into the fund under section 94 (1) (c) of the Act ; and\n- (iii) the total of other amounts expected to be paid into the fund; and\n- (b) states the total expected income of the fund.\n- (i) each amount expected to be paid into the fund under section 94 (1) (a) , (b) or (f) of the Act ; and\n- (ii) the total of the capital replacement fund contributions expected to be paid into the fund under section 94 (1) (c) of the Act ; and\n- (iii) the total of other amounts expected to be paid into the fund; and","sortOrder":51},{"sectionNumber":"sch.5A-sec.3","sectionType":"section","heading":"Expected expenditure of capital replacement fund","content":"### sch.5A-sec.3 Expected expenditure of capital replacement fund\n\nThe statement must have a section, titled ‘Quantity surveyor expense items’, that—\neither—\nlists, as separate line items, each item of expected report expenditure; or\ndoes both of the following—\nlists, as separate line items, each type of expected report expenditure that is material report expenditure;\nstates, as a separate line item, the other expected report expenditure; and\nstates any adjustments or changes made by the scheme operator to an item of expected report expenditure stated in the capital replacement quantity surveyor report; and\nstates the total of the expected report expenditure.\nThe statement must have a section for other expected expenditure of the capital replacement fund that lists, as separate line items—\nthe quantity surveyor’s fees expected to be paid for preparing the capital replacement quantity surveyor report; and\ntax expected to be paid on amounts paid into the fund under section 94 (1) (b) of the Act ; and\nthe other expected expenditure of the fund.\nThe statement must separately state the total expected expenditure of the capital replacement fund.\nIn this section—\nexpected report expenditure means expected expenditure comprising capital replacement costs recommended in a capital replacement quantity surveyor report.\n(sch.5A-sec.3-ssec.1) The statement must have a section, titled ‘Quantity surveyor expense items’, that— either— lists, as separate line items, each item of expected report expenditure; or does both of the following— lists, as separate line items, each type of expected report expenditure that is material report expenditure; states, as a separate line item, the other expected report expenditure; and states any adjustments or changes made by the scheme operator to an item of expected report expenditure stated in the capital replacement quantity surveyor report; and states the total of the expected report expenditure.\n(sch.5A-sec.3-ssec.2) The statement must have a section for other expected expenditure of the capital replacement fund that lists, as separate line items— the quantity surveyor’s fees expected to be paid for preparing the capital replacement quantity surveyor report; and tax expected to be paid on amounts paid into the fund under section 94 (1) (b) of the Act ; and the other expected expenditure of the fund.\n(sch.5A-sec.3-ssec.3) The statement must separately state the total expected expenditure of the capital replacement fund.\n(sch.5A-sec.3-ssec.4) In this section— expected report expenditure means expected expenditure comprising capital replacement costs recommended in a capital replacement quantity surveyor report.\n- (a) either— (i) lists, as separate line items, each item of expected report expenditure; or (ii) does both of the following— (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure; (B) states, as a separate line item, the other expected report expenditure; and\n- (i) lists, as separate line items, each item of expected report expenditure; or\n- (ii) does both of the following— (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure; (B) states, as a separate line item, the other expected report expenditure; and\n- (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure;\n- (B) states, as a separate line item, the other expected report expenditure; and\n- (b) states any adjustments or changes made by the scheme operator to an item of expected report expenditure stated in the capital replacement quantity surveyor report; and\n- (c) states the total of the expected report expenditure.\n- (i) lists, as separate line items, each item of expected report expenditure; or\n- (ii) does both of the following— (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure; (B) states, as a separate line item, the other expected report expenditure; and\n- (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure;\n- (B) states, as a separate line item, the other expected report expenditure; and\n- (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure;\n- (B) states, as a separate line item, the other expected report expenditure; and\n- (a) the quantity surveyor’s fees expected to be paid for preparing the capital replacement quantity surveyor report; and\n- (b) tax expected to be paid on amounts paid into the fund under section 94 (1) (b) of the Act ; and\n- (c) the other expected expenditure of the fund.","sortOrder":52},{"sectionNumber":"sch.5A-sec.4","sectionType":"section","heading":"Expected opening and closing balances of capital replacement fund","content":"### sch.5A-sec.4 Expected opening and closing balances of capital replacement fund\n\nThe statement must separately state—\nthe opening balance of the capital replacement fund carried over from the previous financial year; and\nthe expected closing balance of the capital replacement fund at the end of the financial year.\n- (a) the opening balance of the capital replacement fund carried over from the previous financial year; and\n- (b) the expected closing balance of the capital replacement fund at the end of the financial year.","sortOrder":53},{"sectionNumber":"sch.5A-sec.5","sectionType":"section","heading":"Comparisons to amounts for previous period","content":"### sch.5A-sec.5 Comparisons to amounts for previous period\n\nThe statement must state, next to each amount mentioned in section 2 , 3 or 4 —\nthe corresponding amount stated in the last capital replacement fund budget adopted under section 93 (1) of the Act ; and\nthe corresponding estimated actual amounts for the purpose of the annual financial statement that corresponds to the last capital replacement fund budget adopted under section 93 (1) of the Act .\n- (a) the corresponding amount stated in the last capital replacement fund budget adopted under section 93 (1) of the Act ; and\n- (b) the corresponding estimated actual amounts for the purpose of the annual financial statement that corresponds to the last capital replacement fund budget adopted under section 93 (1) of the Act .","sortOrder":54},{"sectionNumber":"sch.5A-pt.2","sectionType":"part","heading":"Maintenance reserve fund budget","content":"# Maintenance reserve fund budget","sortOrder":55},{"sectionNumber":"sch.5A-sec.6","sectionType":"section","heading":"Application of part","content":"### sch.5A-sec.6 Application of part\n\nThis part states requirements for a statement, mentioned in section 16B (2) (a) of the regulation, for the maintenance reserve fund budget.","sortOrder":56},{"sectionNumber":"sch.5A-sec.7","sectionType":"section","heading":"Expected income of maintenance reserve fund","content":"### sch.5A-sec.7 Expected income of maintenance reserve fund\n\nThe statement must have a section for the expected income of the maintenance reserve fund that—\nlists, as separate line items, each type of expected income; and\nstates the total of the maintenance reserve fund contributions expected to be paid into the fund; and\nif not stated in a disclosure note under section 18 (b) , states—\nthe total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and\nthe total of the maintenance reserve fund contributions expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\nstates the total expected income of the fund.\n- (a) lists, as separate line items, each type of expected income; and\n- (b) states the total of the maintenance reserve fund contributions expected to be paid into the fund; and\n- (c) if not stated in a disclosure note under section 18 (b) , states— (i) the total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and (ii) the total of the maintenance reserve fund contributions expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\n- (i) the total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and\n- (ii) the total of the maintenance reserve fund contributions expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\n- (d) states the total expected income of the fund.\n- (i) the total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and\n- (ii) the total of the maintenance reserve fund contributions expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and","sortOrder":57},{"sectionNumber":"sch.5A-sec.8","sectionType":"section","heading":"Expected expenditure of maintenance reserve fund","content":"### sch.5A-sec.8 Expected expenditure of maintenance reserve fund\n\nThe statement must have a section, titled ‘Quantity surveyor expense items’, that—\neither—\nlists, as separate line items, each item of expected report expenditure; or\ndoes both of the following—\nlists, as separate line items, each type of expected report expenditure that is material report expenditure;\nstates, as a separate line item, the other expected report expenditure; and\nstates any adjustments or changes made by the scheme operator, in compliance with section 99 (1) and (2) of the Act , to an item of expected report expenditure stated in the maintenance and repair quantity surveyor report; and\nstates the total of the expected report expenditure.\nThe statement must have a section for other expected expenditure of the maintenance reserve fund that lists, as separate line items—\nthe quantity surveyor’s fees expected to be paid for preparing the maintenance and repair quantity surveyor report; and\ntax expected to be paid on amounts paid into the fund under section 100 (1) (b) of the Act ; and\nthe other expected expenditure of the fund.\nThe statement must separately state the total expected expenditure of the maintenance reserve fund.\nIn this section—\nexpected report expenditure means expected expenditure comprising maintenance or repair costs recommended in a maintenance and repair quantity surveyor report.\n(sch.5A-sec.8-ssec.1) The statement must have a section, titled ‘Quantity surveyor expense items’, that— either— lists, as separate line items, each item of expected report expenditure; or does both of the following— lists, as separate line items, each type of expected report expenditure that is material report expenditure; states, as a separate line item, the other expected report expenditure; and states any adjustments or changes made by the scheme operator, in compliance with section 99 (1) and (2) of the Act , to an item of expected report expenditure stated in the maintenance and repair quantity surveyor report; and states the total of the expected report expenditure.\n(sch.5A-sec.8-ssec.2) The statement must have a section for other expected expenditure of the maintenance reserve fund that lists, as separate line items— the quantity surveyor’s fees expected to be paid for preparing the maintenance and repair quantity surveyor report; and tax expected to be paid on amounts paid into the fund under section 100 (1) (b) of the Act ; and the other expected expenditure of the fund.\n(sch.5A-sec.8-ssec.3) The statement must separately state the total expected expenditure of the maintenance reserve fund.\n(sch.5A-sec.8-ssec.4) In this section— expected report expenditure means expected expenditure comprising maintenance or repair costs recommended in a maintenance and repair quantity surveyor report.\n- (a) either— (i) lists, as separate line items, each item of expected report expenditure; or (ii) does both of the following— (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure; (B) states, as a separate line item, the other expected report expenditure; and\n- (i) lists, as separate line items, each item of expected report expenditure; or\n- (ii) does both of the following— (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure; (B) states, as a separate line item, the other expected report expenditure; and\n- (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure;\n- (B) states, as a separate line item, the other expected report expenditure; and\n- (b) states any adjustments or changes made by the scheme operator, in compliance with section 99 (1) and (2) of the Act , to an item of expected report expenditure stated in the maintenance and repair quantity surveyor report; and\n- (c) states the total of the expected report expenditure.\n- (i) lists, as separate line items, each item of expected report expenditure; or\n- (ii) does both of the following— (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure; (B) states, as a separate line item, the other expected report expenditure; and\n- (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure;\n- (B) states, as a separate line item, the other expected report expenditure; and\n- (A) lists, as separate line items, each type of expected report expenditure that is material report expenditure;\n- (B) states, as a separate line item, the other expected report expenditure; and\n- (a) the quantity surveyor’s fees expected to be paid for preparing the maintenance and repair quantity surveyor report; and\n- (b) tax expected to be paid on amounts paid into the fund under section 100 (1) (b) of the Act ; and\n- (c) the other expected expenditure of the fund.","sortOrder":58},{"sectionNumber":"sch.5A-sec.9","sectionType":"section","heading":"Expected opening and closing balances of maintenance reserve fund","content":"### sch.5A-sec.9 Expected opening and closing balances of maintenance reserve fund\n\nThe statement must separately state—\nthe opening balance of the maintenance reserve fund carried over from the previous financial year; and\nthe expected closing balance of the maintenance reserve fund at the end of the financial year.\n- (a) the opening balance of the maintenance reserve fund carried over from the previous financial year; and\n- (b) the expected closing balance of the maintenance reserve fund at the end of the financial year.","sortOrder":59},{"sectionNumber":"sch.5A-sec.10","sectionType":"section","heading":"Comparisons to amounts for previous period","content":"### sch.5A-sec.10 Comparisons to amounts for previous period\n\nThe statement must state, next to each amount mentioned in section 7 , 8 or 9 —\nthe corresponding amount stated in the last maintenance reserve fund budget adopted under section 99 (1) of the Act ; and\nthe corresponding estimated actual amounts for the purpose of the annual financial statement that corresponds to the last maintenance reserve fund budget adopted under section 99 (1) of the Act .\n- (a) the corresponding amount stated in the last maintenance reserve fund budget adopted under section 99 (1) of the Act ; and\n- (b) the corresponding estimated actual amounts for the purpose of the annual financial statement that corresponds to the last maintenance reserve fund budget adopted under section 99 (1) of the Act .","sortOrder":60},{"sectionNumber":"sch.5A-pt.3","sectionType":"part","heading":"General services charge budget","content":"# General services charge budget","sortOrder":61},{"sectionNumber":"sch.5A-sec.11","sectionType":"section","heading":"Application of part","content":"### sch.5A-sec.11 Application of part\n\nThis part states requirements for a statement, mentioned in section 16C (2) (a) of the regulation, for the general services charge budget.","sortOrder":62},{"sectionNumber":"sch.5A-sec.12","sectionType":"section","heading":"Expected income of general services charges fund","content":"### sch.5A-sec.12 Expected income of general services charges fund\n\nThe statement must have a section for the expected income of the general services charges fund that—\nlists, as separate line items, each type of expected income; and\nstates the total of the general services charges expected to be paid into the fund; and\nif not stated in a disclosure note under section 18 (c) , states—\nthe total of the general services charges expected to be paid by residents and former residents; and\nthe total of the general services charges expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\nstates the total expected income of the fund.\n- (a) lists, as separate line items, each type of expected income; and\n- (b) states the total of the general services charges expected to be paid into the fund; and\n- (c) if not stated in a disclosure note under section 18 (c) , states— (i) the total of the general services charges expected to be paid by residents and former residents; and (ii) the total of the general services charges expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\n- (i) the total of the general services charges expected to be paid by residents and former residents; and\n- (ii) the total of the general services charges expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\n- (d) states the total expected income of the fund.\n- (i) the total of the general services charges expected to be paid by residents and former residents; and\n- (ii) the total of the general services charges expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and","sortOrder":63},{"sectionNumber":"sch.5A-sec.13","sectionType":"section","heading":"Expected expenditure of general services charges fund","content":"### sch.5A-sec.13 Expected expenditure of general services charges fund\n\nThe statement must—\nhave a section for expected section 107 expenditure of the general services charges fund that—\nlists, as separate line items, each type of expected section 107 expenditure; and\nstates the total of the expected section 107 expenditure; and\nhave a section for expected general expenditure that—\nlists, as separate line items, the following types of expected general expenditure (whether or not they are material expenditure)—\naudit expenses;\nbanking expenses;\nelectricity expenses;\ncleaning expenses;\npest control expenses;\nphone and internet expenses;\nday-to-day maintenance expenses;\nscheme operator administration and management expenses;\nstaff salary or wages that are not expected section 107 expenditure;\nother staff expenses that are not expected section 107 expenditure.\ntraining costs, membership fees, bonuses\nlists, as separate line items, other types of expected general expenditure that are material expenditure; and\nstates, as a separate line item, the total amount of expected general expenditure that is not otherwise included in a separate line item; and\nstates the total of the expected general expenditure; and\nseparately state the total expected expenditure of the general services charges fund.\nSubsection (1) (b) (i) does not limit the types of expected general expenditure that may be listed in the statement as separate line items.\nIn this section—\nexpected general expenditure means expected expenditure of the general services charges fund other than expected section 107 expenditure.\n(sch.5A-sec.13-ssec.1) The statement must— have a section for expected section 107 expenditure of the general services charges fund that— lists, as separate line items, each type of expected section 107 expenditure; and states the total of the expected section 107 expenditure; and have a section for expected general expenditure that— lists, as separate line items, the following types of expected general expenditure (whether or not they are material expenditure)— audit expenses; banking expenses; electricity expenses; cleaning expenses; pest control expenses; phone and internet expenses; day-to-day maintenance expenses; scheme operator administration and management expenses; staff salary or wages that are not expected section 107 expenditure; other staff expenses that are not expected section 107 expenditure. training costs, membership fees, bonuses lists, as separate line items, other types of expected general expenditure that are material expenditure; and states, as a separate line item, the total amount of expected general expenditure that is not otherwise included in a separate line item; and states the total of the expected general expenditure; and separately state the total expected expenditure of the general services charges fund.\n(sch.5A-sec.13-ssec.2) Subsection (1) (b) (i) does not limit the types of expected general expenditure that may be listed in the statement as separate line items.\n(sch.5A-sec.13-ssec.3) In this section— expected general expenditure means expected expenditure of the general services charges fund other than expected section 107 expenditure.\n- (a) have a section for expected section 107 expenditure of the general services charges fund that— (i) lists, as separate line items, each type of expected section 107 expenditure; and (ii) states the total of the expected section 107 expenditure; and\n- (i) lists, as separate line items, each type of expected section 107 expenditure; and\n- (ii) states the total of the expected section 107 expenditure; and\n- (b) have a section for expected general expenditure that— (i) lists, as separate line items, the following types of expected general expenditure (whether or not they are material expenditure)— (A) audit expenses; (B) banking expenses; (C) electricity expenses; (D) cleaning expenses; (E) pest control expenses; (F) phone and internet expenses; (G) day-to-day maintenance expenses; (H) scheme operator administration and management expenses; (I) staff salary or wages that are not expected section 107 expenditure; (J) other staff expenses that are not expected section 107 expenditure. Examples— training costs, membership fees, bonuses (ii) lists, as separate line items, other types of expected general expenditure that are material expenditure; and (iii) states, as a separate line item, the total amount of expected general expenditure that is not otherwise included in a separate line item; and (iv) states the total of the expected general expenditure; and\n- (i) lists, as separate line items, the following types of expected general expenditure (whether or not they are material expenditure)— (A) audit expenses; (B) banking expenses; (C) electricity expenses; (D) cleaning expenses; (E) pest control expenses; (F) phone and internet expenses; (G) day-to-day maintenance expenses; (H) scheme operator administration and management expenses; (I) staff salary or wages that are not expected section 107 expenditure; (J) other staff expenses that are not expected section 107 expenditure. Examples— training costs, membership fees, bonuses\n- (A) audit expenses;\n- (B) banking expenses;\n- (C) electricity expenses;\n- (D) cleaning expenses;\n- (E) pest control expenses;\n- (F) phone and internet expenses;\n- (G) day-to-day maintenance expenses;\n- (H) scheme operator administration and management expenses;\n- (I) staff salary or wages that are not expected section 107 expenditure;\n- (J) other staff expenses that are not expected section 107 expenditure. Examples— training costs, membership fees, bonuses\n- (ii) lists, as separate line items, other types of expected general expenditure that are material expenditure; and\n- (iii) states, as a separate line item, the total amount of expected general expenditure that is not otherwise included in a separate line item; and\n- (iv) states the total of the expected general expenditure; and\n- (c) separately state the total expected expenditure of the general services charges fund.\n- (i) lists, as separate line items, each type of expected section 107 expenditure; and\n- (ii) states the total of the expected section 107 expenditure; and\n- (i) lists, as separate line items, the following types of expected general expenditure (whether or not they are material expenditure)— (A) audit expenses; (B) banking expenses; (C) electricity expenses; (D) cleaning expenses; (E) pest control expenses; (F) phone and internet expenses; (G) day-to-day maintenance expenses; (H) scheme operator administration and management expenses; (I) staff salary or wages that are not expected section 107 expenditure; (J) other staff expenses that are not expected section 107 expenditure. Examples— training costs, membership fees, bonuses\n- (A) audit expenses;\n- (B) banking expenses;\n- (C) electricity expenses;\n- (D) cleaning expenses;\n- (E) pest control expenses;\n- (F) phone and internet expenses;\n- (G) day-to-day maintenance expenses;\n- (H) scheme operator administration and management expenses;\n- (I) staff salary or wages that are not expected section 107 expenditure;\n- (J) other staff expenses that are not expected section 107 expenditure. Examples— training costs, membership fees, bonuses\n- (ii) lists, as separate line items, other types of expected general expenditure that are material expenditure; and\n- (iii) states, as a separate line item, the total amount of expected general expenditure that is not otherwise included in a separate line item; and\n- (iv) states the total of the expected general expenditure; and\n- (A) audit expenses;\n- (B) banking expenses;\n- (C) electricity expenses;\n- (D) cleaning expenses;\n- (E) pest control expenses;\n- (F) phone and internet expenses;\n- (G) day-to-day maintenance expenses;\n- (H) scheme operator administration and management expenses;\n- (I) staff salary or wages that are not expected section 107 expenditure;\n- (J) other staff expenses that are not expected section 107 expenditure. Examples— training costs, membership fees, bonuses","sortOrder":64},{"sectionNumber":"sch.5A-sec.14","sectionType":"section","heading":"Expected surplus or deficit of general services charges fund","content":"### sch.5A-sec.14 Expected surplus or deficit of general services charges fund\n\nThe statement must separately state—\nthe surplus or deficit of the general services charges fund carried over from the previous financial year; and\nthe amount that is the expected surplus or deficit of the general services charges fund at the end of the financial year.\n- (a) the surplus or deficit of the general services charges fund carried over from the previous financial year; and\n- (b) the amount that is the expected surplus or deficit of the general services charges fund at the end of the financial year.","sortOrder":65},{"sectionNumber":"sch.5A-sec.15","sectionType":"section","heading":"Comparisons to amounts for previous period","content":"### sch.5A-sec.15 Comparisons to amounts for previous period\n\nThe statement must state, next to each amount mentioned in section 12 , 13 or 14 —\nthe corresponding amount stated in the last general services charge budget adopted under section 102A (1) of the Act ; and\nthe amount of the difference, or the percentage difference, between the amount mentioned in section 12 , 13 or 14 and the amount mentioned in paragraph (a) ; and\nthe corresponding estimated actual amounts for the purpose of the annual financial statement that corresponds to the last general services charge budget adopted under section 102A (1) of the Act .\n- (a) the corresponding amount stated in the last general services charge budget adopted under section 102A (1) of the Act ; and\n- (b) the amount of the difference, or the percentage difference, between the amount mentioned in section 12 , 13 or 14 and the amount mentioned in paragraph (a) ; and\n- (c) the corresponding estimated actual amounts for the purpose of the annual financial statement that corresponds to the last general services charge budget adopted under section 102A (1) of the Act .","sortOrder":66},{"sectionNumber":"sch.5A-sec.16","sectionType":"section","heading":"CPI percentage increase","content":"### sch.5A-sec.16 CPI percentage increase\n\nThe statement must state, underneath the last line item in the statement, the CPI percentage increase that applies in relation to fixing the total general services charge for the financial year under section 106 of the Act .","sortOrder":67},{"sectionNumber":"sch.5A-pt.4","sectionType":"part","heading":"Fund budget disclosure notes","content":"# Fund budget disclosure notes","sortOrder":68},{"sectionNumber":"sch.5A-sec.17","sectionType":"section","heading":"Application of part","content":"### sch.5A-sec.17 Application of part\n\nThis part states—\nthe disclosure notes that must be included in a fund budget under sections 16A (2) (b) , 16B (2) (b) or 16C (2) (b) of the regulation; and\nthe disclosure notes that must be included in a scheme operator report, mentioned in sections 16A (2) (c) , 16B (2) (c) or 16C (2) (c) of the regulation, for a fund budget.\n- (a) the disclosure notes that must be included in a fund budget under sections 16A (2) (b) , 16B (2) (b) or 16C (2) (b) of the regulation; and\n- (b) the disclosure notes that must be included in a scheme operator report, mentioned in sections 16A (2) (c) , 16B (2) (c) or 16C (2) (c) of the regulation, for a fund budget.","sortOrder":69},{"sectionNumber":"sch.5A-sec.18","sectionType":"section","heading":"Disclosure notes about capital replacement fund contributions, maintenance reserve fund contributions and total general services charges","content":"### sch.5A-sec.18 Disclosure notes about capital replacement fund contributions, maintenance reserve fund contributions and total general services charges\n\nThe fund budget must include—\nfor a capital replacement fund budget—\na disclosure note stating particulars of how the scheme operator calculated capital replacement fund contributions mentioned in section 2 (a) (ii) ; and\na disclosure note stating the capital replacement reserve under section 92 (3) of the Act ; or\na disclosure note stating particulars and reasons for any material changes made by the scheme operator for a line item of expected report expenditure in the budget; or\nfor a maintenance reserve fund budget—\na disclosure note stating particulars of how the scheme operator calculated maintenance reserve fund contributions mentioned in section 7 (b) and (c) ; and\na disclosure note stating the maintenance reserve under section 98 (3) of the Act ; and\nif not stated in a statement under section 7 , a disclosure note stating—\nthe total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and\nthe total of the maintenance reserve fund contributions expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\na disclosure note stating particulars and reasons for any material changes made by the scheme operator for a line item of expected report expenditure in the budget; or\na material change for expenditure because the painting of communal facilities was deferred to a future year as agreed to by residents by special resolution at a residents meeting\nfor a general services charge budget—\na disclosure note stating particulars of how the scheme operator fixed the total general services charge under sections 102A (4) and 106 of the Act ; and\nif not stated in a statement under section 12 , a disclosure note stating—\nthe total of the general services charges expected to be paid by residents and former residents; and\nthe total of the general services charges expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act .\n- (a) for a capital replacement fund budget— (i) a disclosure note stating particulars of how the scheme operator calculated capital replacement fund contributions mentioned in section 2 (a) (ii) ; and (ii) a disclosure note stating the capital replacement reserve under section 92 (3) of the Act ; or (iii) a disclosure note stating particulars and reasons for any material changes made by the scheme operator for a line item of expected report expenditure in the budget; or\n- (i) a disclosure note stating particulars of how the scheme operator calculated capital replacement fund contributions mentioned in section 2 (a) (ii) ; and\n- (ii) a disclosure note stating the capital replacement reserve under section 92 (3) of the Act ; or\n- (iii) a disclosure note stating particulars and reasons for any material changes made by the scheme operator for a line item of expected report expenditure in the budget; or\n- (b) for a maintenance reserve fund budget— (i) a disclosure note stating particulars of how the scheme operator calculated maintenance reserve fund contributions mentioned in section 7 (b) and (c) ; and (ii) a disclosure note stating the maintenance reserve under section 98 (3) of the Act ; and (iii) if not stated in a statement under section 7 , a disclosure note stating— (A) the total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and (B) the total of the maintenance reserve fund contributions expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and (iv) a disclosure note stating particulars and reasons for any material changes made by the scheme operator for a line item of expected report expenditure in the budget; or Example— a material change for expenditure because the painting of communal facilities was deferred to a future year as agreed to by residents by special resolution at a residents meeting\n- (i) a disclosure note stating particulars of how the scheme operator calculated maintenance reserve fund contributions mentioned in section 7 (b) and (c) ; and\n- (ii) a disclosure note stating the maintenance reserve under section 98 (3) of the Act ; and\n- (iii) if not stated in a statement under section 7 , a disclosure note stating— (A) the total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and (B) the total of the maintenance reserve fund contributions expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\n- (A) the total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and\n- (B) the total of the maintenance reserve fund contributions expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\n- (iv) a disclosure note stating particulars and reasons for any material changes made by the scheme operator for a line item of expected report expenditure in the budget; or Example— a material change for expenditure because the painting of communal facilities was deferred to a future year as agreed to by residents by special resolution at a residents meeting\n- (c) for a general services charge budget— (i) a disclosure note stating particulars of how the scheme operator fixed the total general services charge under sections 102A (4) and 106 of the Act ; and (ii) if not stated in a statement under section 12 , a disclosure note stating— (A) the total of the general services charges expected to be paid by residents and former residents; and (B) the total of the general services charges expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act .\n- (i) a disclosure note stating particulars of how the scheme operator fixed the total general services charge under sections 102A (4) and 106 of the Act ; and\n- (ii) if not stated in a statement under section 12 , a disclosure note stating— (A) the total of the general services charges expected to be paid by residents and former residents; and (B) the total of the general services charges expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act .\n- (A) the total of the general services charges expected to be paid by residents and former residents; and\n- (B) the total of the general services charges expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act .\n- (i) a disclosure note stating particulars of how the scheme operator calculated capital replacement fund contributions mentioned in section 2 (a) (ii) ; and\n- (ii) a disclosure note stating the capital replacement reserve under section 92 (3) of the Act ; or\n- (iii) a disclosure note stating particulars and reasons for any material changes made by the scheme operator for a line item of expected report expenditure in the budget; or\n- (i) a disclosure note stating particulars of how the scheme operator calculated maintenance reserve fund contributions mentioned in section 7 (b) and (c) ; and\n- (ii) a disclosure note stating the maintenance reserve under section 98 (3) of the Act ; and\n- (iii) if not stated in a statement under section 7 , a disclosure note stating— (A) the total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and (B) the total of the maintenance reserve fund contributions expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\n- (A) the total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and\n- (B) the total of the maintenance reserve fund contributions expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\n- (iv) a disclosure note stating particulars and reasons for any material changes made by the scheme operator for a line item of expected report expenditure in the budget; or Example— a material change for expenditure because the painting of communal facilities was deferred to a future year as agreed to by residents by special resolution at a residents meeting\n- (A) the total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and\n- (B) the total of the maintenance reserve fund contributions expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act ; and\n- (i) a disclosure note stating particulars of how the scheme operator fixed the total general services charge under sections 102A (4) and 106 of the Act ; and\n- (ii) if not stated in a statement under section 12 , a disclosure note stating— (A) the total of the general services charges expected to be paid by residents and former residents; and (B) the total of the general services charges expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act .\n- (A) the total of the general services charges expected to be paid by residents and former residents; and\n- (B) the total of the general services charges expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act .\n- (A) the total of the general services charges expected to be paid by residents and former residents; and\n- (B) the total of the general services charges expected to be paid by the scheme operator under section 105 (1) (a) and (c) of the Act .","sortOrder":70},{"sectionNumber":"sch.5A-sec.19","sectionType":"section","heading":"Disclosure notes about budgeted surplus or deficit","content":"### sch.5A-sec.19 Disclosure notes about budgeted surplus or deficit\n\nA capital replacement fund budget and maintenance reserve fund budget must include disclosure notes about the following—\nthe expected surplus or deficit carried over from the previous financial year;\nthe expected surplus or deficit at the end of the financial year;\nthe following matters relating to the change between the surplus or deficit mentioned in paragraph (a) and the surplus or deficit mentioned in paragraph (b) —\nthe reasons for the change;\nthe effect on the budget of the change;\nwhether the change materially differs from the recommendations of the capital replacement quantity surveyor report or maintenance and repair quantity surveyor report for the budget.\nThe general services charge budget must include disclosure notes about the following—\nthe reasons for, and effect on the budget of, the expected surplus or deficit carried over from the previous financial year;\nthe reasons for, and effect on the budget of, the expected surplus or deficit at the end of the financial year.\n(sch.5A-sec.19-ssec.1) A capital replacement fund budget and maintenance reserve fund budget must include disclosure notes about the following— the expected surplus or deficit carried over from the previous financial year; the expected surplus or deficit at the end of the financial year; the following matters relating to the change between the surplus or deficit mentioned in paragraph (a) and the surplus or deficit mentioned in paragraph (b) — the reasons for the change; the effect on the budget of the change; whether the change materially differs from the recommendations of the capital replacement quantity surveyor report or maintenance and repair quantity surveyor report for the budget.\n(sch.5A-sec.19-ssec.2) The general services charge budget must include disclosure notes about the following— the reasons for, and effect on the budget of, the expected surplus or deficit carried over from the previous financial year; the reasons for, and effect on the budget of, the expected surplus or deficit at the end of the financial year.\n- (a) the expected surplus or deficit carried over from the previous financial year;\n- (b) the expected surplus or deficit at the end of the financial year;\n- (c) the following matters relating to the change between the surplus or deficit mentioned in paragraph (a) and the surplus or deficit mentioned in paragraph (b) — (i) the reasons for the change; (ii) the effect on the budget of the change; (iii) whether the change materially differs from the recommendations of the capital replacement quantity surveyor report or maintenance and repair quantity surveyor report for the budget.\n- (i) the reasons for the change;\n- (ii) the effect on the budget of the change;\n- (iii) whether the change materially differs from the recommendations of the capital replacement quantity surveyor report or maintenance and repair quantity surveyor report for the budget.\n- (i) the reasons for the change;\n- (ii) the effect on the budget of the change;\n- (iii) whether the change materially differs from the recommendations of the capital replacement quantity surveyor report or maintenance and repair quantity surveyor report for the budget.\n- (a) the reasons for, and effect on the budget of, the expected surplus or deficit carried over from the previous financial year;\n- (b) the reasons for, and effect on the budget of, the expected surplus or deficit at the end of the financial year.","sortOrder":71},{"sectionNumber":"sch.5A-sec.20","sectionType":"section","heading":"Disclosure notes for scheme operator reports","content":"### sch.5A-sec.20 Disclosure notes for scheme operator reports\n\nThis section applies to a scheme operator report, mentioned in sections 16A (2) (c) , 16B (2) (c) or 16C (2) (c) of the regulation, for a fund budget.\nThe report must include the following disclosure notes—\nfor each line item of expected expenditure of the relevant fund that is material expenditure and is made up of more than 1 expense type—a note stating the breakdown, purpose and amounts of expense types forming part of the line item (to the extent not otherwise separately disclosed in the budget);\nFor a line item for administration and management expenses, the note may list the types of expenses (for example, ‘accounting’, ‘human resources’, ‘web services’, ‘IT support’, ‘other’) and amounts forming part of the line item.\nif a line item of expected expenditure of the relevant fund includes a shared expense—a note stating—\nthe other entities, types of entities or purposes for which the expense is expected to be incurred; and\nthe method used to calculate the portion of the shared expense to be paid from the fund.\nIn this section—\nrelevant fund , in relation to a fund budget, means the capital replacement fund, the maintenance reserve fund or the general services charges fund to which the fund budget relates.\n(sch.5A-sec.20-ssec.1) This section applies to a scheme operator report, mentioned in sections 16A (2) (c) , 16B (2) (c) or 16C (2) (c) of the regulation, for a fund budget.\n(sch.5A-sec.20-ssec.2) The report must include the following disclosure notes— for each line item of expected expenditure of the relevant fund that is material expenditure and is made up of more than 1 expense type—a note stating the breakdown, purpose and amounts of expense types forming part of the line item (to the extent not otherwise separately disclosed in the budget); For a line item for administration and management expenses, the note may list the types of expenses (for example, ‘accounting’, ‘human resources’, ‘web services’, ‘IT support’, ‘other’) and amounts forming part of the line item. if a line item of expected expenditure of the relevant fund includes a shared expense—a note stating— the other entities, types of entities or purposes for which the expense is expected to be incurred; and the method used to calculate the portion of the shared expense to be paid from the fund.\n(sch.5A-sec.20-ssec.3) In this section— relevant fund , in relation to a fund budget, means the capital replacement fund, the maintenance reserve fund or the general services charges fund to which the fund budget relates.\n- (a) for each line item of expected expenditure of the relevant fund that is material expenditure and is made up of more than 1 expense type—a note stating the breakdown, purpose and amounts of expense types forming part of the line item (to the extent not otherwise separately disclosed in the budget); Example— For a line item for administration and management expenses, the note may list the types of expenses (for example, ‘accounting’, ‘human resources’, ‘web services’, ‘IT support’, ‘other’) and amounts forming part of the line item.\n- (b) if a line item of expected expenditure of the relevant fund includes a shared expense—a note stating— (i) the other entities, types of entities or purposes for which the expense is expected to be incurred; and (ii) the method used to calculate the portion of the shared expense to be paid from the fund.\n- (i) the other entities, types of entities or purposes for which the expense is expected to be incurred; and\n- (ii) the method used to calculate the portion of the shared expense to be paid from the fund.\n- (i) the other entities, types of entities or purposes for which the expense is expected to be incurred; and\n- (ii) the method used to calculate the portion of the shared expense to be paid from the fund.","sortOrder":72},{"sectionNumber":"sch.5B-pt.1","sectionType":"part","heading":"Requirements for statements for capital replacement fund","content":"# Requirements for statements for capital replacement fund","sortOrder":73},{"sectionNumber":"sch.5B-sec.1","sectionType":"section","heading":"Application of part","content":"### sch.5B-sec.1 Application of part\n\nThis part states requirements for a statement, for the capital replacement fund, mentioned in section 16D (2) (a) (i) or 16E (2) (a) (i) of the regulation.","sortOrder":74},{"sectionNumber":"sch.5B-sec.2","sectionType":"section","heading":"Income of capital replacement fund","content":"### sch.5B-sec.2 Income of capital replacement fund\n\nThe statement must have a section for the income of the fund that—\nlists, as separate line items—\neach amount paid into the fund under section 94 (1) (a) , (b) or (f) of the Act ; and\nthe total of the capital replacement fund contributions paid into the fund under section 94 (1) (c) of the Act ; and\nthe total of other amounts paid into the fund; and\nstates the total income of the fund.\n- (a) lists, as separate line items— (i) each amount paid into the fund under section 94 (1) (a) , (b) or (f) of the Act ; and (ii) the total of the capital replacement fund contributions paid into the fund under section 94 (1) (c) of the Act ; and (iii) the total of other amounts paid into the fund; and\n- (i) each amount paid into the fund under section 94 (1) (a) , (b) or (f) of the Act ; and\n- (ii) the total of the capital replacement fund contributions paid into the fund under section 94 (1) (c) of the Act ; and\n- (iii) the total of other amounts paid into the fund; and\n- (b) states the total income of the fund.\n- (i) each amount paid into the fund under section 94 (1) (a) , (b) or (f) of the Act ; and\n- (ii) the total of the capital replacement fund contributions paid into the fund under section 94 (1) (c) of the Act ; and\n- (iii) the total of other amounts paid into the fund; and","sortOrder":75},{"sectionNumber":"sch.5B-sec.3","sectionType":"section","heading":"Expenditure of capital replacement fund","content":"### sch.5B-sec.3 Expenditure of capital replacement fund\n\nThe statement must have a section, titled ‘Quantity surveyor expense items’, that—\neither—\nlists, as separate line items, each item of report expenditure; or\ndoes both of the following—\nlists, as separate line items, each item of report expenditure that is material;\nstates, as a separate line item, the total of any other report expenditure; and\nstates the total of all report expenditure.\nThe statement must also have a section for other expenditure of the fund that lists as separate line items—\nthe quantity surveyor’s fees for preparing the capital replacement quantity surveyor report; and\ntax paid on amounts paid into the fund under section 94 (1) (b) of the Act ; and\nthe total of the other expenditure.\nThe statement must separately state the total of all expenditure of the fund.\nIn this section—\nreport expenditure means expenditure on capital replacement items recommended in the capital replacement quantity surveyor report.\n(sch.5B-sec.3-ssec.1) The statement must have a section, titled ‘Quantity surveyor expense items’, that— either— lists, as separate line items, each item of report expenditure; or does both of the following— lists, as separate line items, each item of report expenditure that is material; states, as a separate line item, the total of any other report expenditure; and states the total of all report expenditure.\n(sch.5B-sec.3-ssec.2) The statement must also have a section for other expenditure of the fund that lists as separate line items— the quantity surveyor’s fees for preparing the capital replacement quantity surveyor report; and tax paid on amounts paid into the fund under section 94 (1) (b) of the Act ; and the total of the other expenditure.\n(sch.5B-sec.3-ssec.3) The statement must separately state the total of all expenditure of the fund.\n(sch.5B-sec.3-ssec.4) In this section— report expenditure means expenditure on capital replacement items recommended in the capital replacement quantity surveyor report.\n- (a) either— (i) lists, as separate line items, each item of report expenditure; or (ii) does both of the following— (A) lists, as separate line items, each item of report expenditure that is material; (B) states, as a separate line item, the total of any other report expenditure; and\n- (i) lists, as separate line items, each item of report expenditure; or\n- (ii) does both of the following— (A) lists, as separate line items, each item of report expenditure that is material; (B) states, as a separate line item, the total of any other report expenditure; and\n- (A) lists, as separate line items, each item of report expenditure that is material;\n- (B) states, as a separate line item, the total of any other report expenditure; and\n- (b) states the total of all report expenditure.\n- (i) lists, as separate line items, each item of report expenditure; or\n- (ii) does both of the following— (A) lists, as separate line items, each item of report expenditure that is material; (B) states, as a separate line item, the total of any other report expenditure; and\n- (A) lists, as separate line items, each item of report expenditure that is material;\n- (B) states, as a separate line item, the total of any other report expenditure; and\n- (A) lists, as separate line items, each item of report expenditure that is material;\n- (B) states, as a separate line item, the total of any other report expenditure; and\n- (a) the quantity surveyor’s fees for preparing the capital replacement quantity surveyor report; and\n- (b) tax paid on amounts paid into the fund under section 94 (1) (b) of the Act ; and\n- (c) the total of the other expenditure.","sortOrder":76},{"sectionNumber":"sch.5B-sec.4","sectionType":"section","heading":"Surplus or deficit of capital replacement fund","content":"### sch.5B-sec.4 Surplus or deficit of capital replacement fund\n\nThe statement must separately state—\nthe surplus or deficit of the fund carried over from the previous relevant period; and\nthe surplus or deficit of the fund at the end of the financial year.\n- (a) the surplus or deficit of the fund carried over from the previous relevant period; and\n- (b) the surplus or deficit of the fund at the end of the financial year.","sortOrder":77},{"sectionNumber":"sch.5B-sec.5","sectionType":"section","heading":"Comparisons to amounts for previous relevant period","content":"### sch.5B-sec.5 Comparisons to amounts for previous relevant period\n\nThe statement must state, next to each amount mentioned in section 2 , 3 or 4 , the corresponding amount for the previous relevant period.","sortOrder":78},{"sectionNumber":"sch.5B-sec.6","sectionType":"section","heading":"Form or statement and comparison to corresponding budget amount","content":"### sch.5B-sec.6 Form or statement and comparison to corresponding budget amount\n\nThe statement must—\nas close as practicable, be in the same form as the capital replacement fund budget; and\nstate, next to each amount mentioned in section 2 , 3 or 4 , the corresponding amount in the capital replacement fund budget.\n- (a) as close as practicable, be in the same form as the capital replacement fund budget; and\n- (b) state, next to each amount mentioned in section 2 , 3 or 4 , the corresponding amount in the capital replacement fund budget.","sortOrder":79},{"sectionNumber":"sch.5B-pt.2","sectionType":"part","heading":"Requirements for statements for maintenance reserve fund","content":"# Requirements for statements for maintenance reserve fund","sortOrder":80},{"sectionNumber":"sch.5B-sec.7","sectionType":"section","heading":"Application of part","content":"### sch.5B-sec.7 Application of part\n\nThis part states requirements for a statement, for the maintenance reserve fund, mentioned in section 16D (2) (a) (ii) or 16E (2) (a) (ii) of the regulation.","sortOrder":81},{"sectionNumber":"sch.5B-sec.8","sectionType":"section","heading":"Income of maintenance reserve fund","content":"### sch.5B-sec.8 Income of maintenance reserve fund\n\nThe statement must have a section for the income of the fund that—\nlists, as separate line items, each type of income; and\nstates the total of the maintenance reserve fund contributions paid by—\nresidents; and\nformer residents under section 104 (2) or (3) of the Act ; and\nstates the total of the maintenance reserve fund contributions paid by the scheme operator under—\nsection 104 (3) of the Act ; and\nsection 105 (1) of the Act ; and\nstates the total income of the fund.\n- (a) lists, as separate line items, each type of income; and\n- (b) states the total of the maintenance reserve fund contributions paid by— (i) residents; and (ii) former residents under section 104 (2) or (3) of the Act ; and\n- (i) residents; and\n- (ii) former residents under section 104 (2) or (3) of the Act ; and\n- (c) states the total of the maintenance reserve fund contributions paid by the scheme operator under— (i) section 104 (3) of the Act ; and (ii) section 105 (1) of the Act ; and\n- (i) section 104 (3) of the Act ; and\n- (ii) section 105 (1) of the Act ; and\n- (d) states the total income of the fund.\n- (i) residents; and\n- (ii) former residents under section 104 (2) or (3) of the Act ; and\n- (i) section 104 (3) of the Act ; and\n- (ii) section 105 (1) of the Act ; and","sortOrder":82},{"sectionNumber":"sch.5B-sec.9","sectionType":"section","heading":"Expenditure of maintenance reserve fund","content":"### sch.5B-sec.9 Expenditure of maintenance reserve fund\n\nThe statement must have a section, titled ‘Quantity surveyor expense items’, that—\neither—\nlists, as separate line items, each item of report expenditure; or\ndoes both of the following—\nlists, as separate line items, each item of report expenditure that is material;\nstates, as a separate line item, the other report expenditure; and\nstates the total of all report expenditure.\nThe statement must have a section for other expenditure of the fund that lists, as separate line items—\nthe quantity surveyor’s fees for preparing the maintenance and repair quantity surveyor report for the fund; and\ntax paid on amounts paid into the fund under section 100 (1) (b) of the Act ; and\nthe total of the other expenditure.\nThe statement must separately state the total expenditure of the fund.\nIn this section—\nreport expenditure means expenditure on maintenance or repair recommended in the maintenance and repair quantity surveyor report for the fund.\n(sch.5B-sec.9-ssec.1) The statement must have a section, titled ‘Quantity surveyor expense items’, that— either— lists, as separate line items, each item of report expenditure; or does both of the following— lists, as separate line items, each item of report expenditure that is material; states, as a separate line item, the other report expenditure; and states the total of all report expenditure.\n(sch.5B-sec.9-ssec.2) The statement must have a section for other expenditure of the fund that lists, as separate line items— the quantity surveyor’s fees for preparing the maintenance and repair quantity surveyor report for the fund; and tax paid on amounts paid into the fund under section 100 (1) (b) of the Act ; and the total of the other expenditure.\n(sch.5B-sec.9-ssec.3) The statement must separately state the total expenditure of the fund.\n(sch.5B-sec.9-ssec.4) In this section— report expenditure means expenditure on maintenance or repair recommended in the maintenance and repair quantity surveyor report for the fund.\n- (a) either— (i) lists, as separate line items, each item of report expenditure; or (ii) does both of the following— (A) lists, as separate line items, each item of report expenditure that is material; (B) states, as a separate line item, the other report expenditure; and\n- (i) lists, as separate line items, each item of report expenditure; or\n- (ii) does both of the following— (A) lists, as separate line items, each item of report expenditure that is material; (B) states, as a separate line item, the other report expenditure; and\n- (A) lists, as separate line items, each item of report expenditure that is material;\n- (B) states, as a separate line item, the other report expenditure; and\n- (b) states the total of all report expenditure.\n- (i) lists, as separate line items, each item of report expenditure; or\n- (ii) does both of the following— (A) lists, as separate line items, each item of report expenditure that is material; (B) states, as a separate line item, the other report expenditure; and\n- (A) lists, as separate line items, each item of report expenditure that is material;\n- (B) states, as a separate line item, the other report expenditure; and\n- (A) lists, as separate line items, each item of report expenditure that is material;\n- (B) states, as a separate line item, the other report expenditure; and\n- (a) the quantity surveyor’s fees for preparing the maintenance and repair quantity surveyor report for the fund; and\n- (b) tax paid on amounts paid into the fund under section 100 (1) (b) of the Act ; and\n- (c) the total of the other expenditure.","sortOrder":83},{"sectionNumber":"sch.5B-sec.10","sectionType":"section","heading":"Surplus or deficit of maintenance reserve fund","content":"### sch.5B-sec.10 Surplus or deficit of maintenance reserve fund\n\nThe statement must separately state—\nthe surplus or deficit of the fund carried over from the previous relevant period; and\nthe surplus or deficit of the fund at the end of the financial year.\n- (a) the surplus or deficit of the fund carried over from the previous relevant period; and\n- (b) the surplus or deficit of the fund at the end of the financial year.","sortOrder":84},{"sectionNumber":"sch.5B-sec.11","sectionType":"section","heading":"Comparisons to amounts for previous relevant period","content":"### sch.5B-sec.11 Comparisons to amounts for previous relevant period\n\nThe statement must state, next to each amount mentioned in section 8 , 9 or 10 , the corresponding amount for the previous relevant period.","sortOrder":85},{"sectionNumber":"sch.5B-sec.12","sectionType":"section","heading":"Form of statement and comparison to corresponding budget amount","content":"### sch.5B-sec.12 Form of statement and comparison to corresponding budget amount\n\nThe statement must—\nas close as practicable, be in the same form as the maintenance reserve fund budget; and\nstate, next to each amount mentioned in section 8 , 9 or 10 , the corresponding amount in the maintenance reserve fund budget.\n- (a) as close as practicable, be in the same form as the maintenance reserve fund budget; and\n- (b) state, next to each amount mentioned in section 8 , 9 or 10 , the corresponding amount in the maintenance reserve fund budget.","sortOrder":86},{"sectionNumber":"sch.5B-pt.3","sectionType":"part","heading":"Requirements for statements for general services charges fund","content":"# Requirements for statements for general services charges fund","sortOrder":87},{"sectionNumber":"sch.5B-sec.13","sectionType":"section","heading":"Application of part","content":"### sch.5B-sec.13 Application of part\n\nThis part states requirements for a statement, for the general services charges fund, mentioned in section 16D (2) (a) (iii) or 16E (2) (a) (iii) of the regulation.","sortOrder":88},{"sectionNumber":"sch.5B-sec.14","sectionType":"section","heading":"Income of general services charges fund","content":"### sch.5B-sec.14 Income of general services charges fund\n\nThe statement must have a section for the income of the fund that—\nlists, as separate line items, each type of income; and\nstates the total of the general services charges paid by—\nresidents; and\nformer residents under section 104 (2) or (3) of the Act ; and\nstates the total of the general services charges paid by the scheme operator under—\nsection 104 (3) of the Act ; and\nsection 105 (1) of the Act ; and\nstates the total income of the fund.\n- (a) lists, as separate line items, each type of income; and\n- (b) states the total of the general services charges paid by— (i) residents; and (ii) former residents under section 104 (2) or (3) of the Act ; and\n- (i) residents; and\n- (ii) former residents under section 104 (2) or (3) of the Act ; and\n- (c) states the total of the general services charges paid by the scheme operator under— (i) section 104 (3) of the Act ; and (ii) section 105 (1) of the Act ; and\n- (i) section 104 (3) of the Act ; and\n- (ii) section 105 (1) of the Act ; and\n- (d) states the total income of the fund.\n- (i) residents; and\n- (ii) former residents under section 104 (2) or (3) of the Act ; and\n- (i) section 104 (3) of the Act ; and\n- (ii) section 105 (1) of the Act ; and","sortOrder":89},{"sectionNumber":"sch.5B-sec.15","sectionType":"section","heading":"Expenditure of general services charges fund","content":"### sch.5B-sec.15 Expenditure of general services charges fund\n\nThe statement must—\nhave a section for section 107 expenditure of the fund that—\nlists, as separate line items, each type of section 107 expenditure; and\nstates the total of the section 107 expenditure; and\nhave a section for general expenditure that—\nlists, as separate line items, the following types of general expenditure (whether or not they are material expenditure)—\naudit expenses;\nbanking expenses;\nelectricity expenses;\ncleaning expenses;\npest control expenses;\nphone and internet expenses;\nday-to-day maintenance expenses;\nscheme operator administration and management expenses;\nstaff salary or wages that are not section 107 expenditure;\nstaff expenses that are not section 107 expenditure.\ntraining costs, membership fees, bonuses\nlists, as separate line items, each other item of general expenditure that is material; and\nstates, as a separate line item, the total amount of general expenditure that is not otherwise included in a separate line item; and\nstates the total general expenditure; and\nseparately state the total expenditure of the fund.\nSubsection (1) (b) (i) does not limit the types of general expenditure that may be listed in the statement as separate line items.\nIn this section—\ngeneral expenditure means expenditure of the fund other than section 107 expenditure.\n(sch.5B-sec.15-ssec.1) The statement must— have a section for section 107 expenditure of the fund that— lists, as separate line items, each type of section 107 expenditure; and states the total of the section 107 expenditure; and have a section for general expenditure that— lists, as separate line items, the following types of general expenditure (whether or not they are material expenditure)— audit expenses; banking expenses; electricity expenses; cleaning expenses; pest control expenses; phone and internet expenses; day-to-day maintenance expenses; scheme operator administration and management expenses; staff salary or wages that are not section 107 expenditure; staff expenses that are not section 107 expenditure. training costs, membership fees, bonuses lists, as separate line items, each other item of general expenditure that is material; and states, as a separate line item, the total amount of general expenditure that is not otherwise included in a separate line item; and states the total general expenditure; and separately state the total expenditure of the fund.\n(sch.5B-sec.15-ssec.2) Subsection (1) (b) (i) does not limit the types of general expenditure that may be listed in the statement as separate line items.\n(sch.5B-sec.15-ssec.3) In this section— general expenditure means expenditure of the fund other than section 107 expenditure.\n- (a) have a section for section 107 expenditure of the fund that— (i) lists, as separate line items, each type of section 107 expenditure; and (ii) states the total of the section 107 expenditure; and\n- (i) lists, as separate line items, each type of section 107 expenditure; and\n- (ii) states the total of the section 107 expenditure; and\n- (b) have a section for general expenditure that— (i) lists, as separate line items, the following types of general expenditure (whether or not they are material expenditure)— (A) audit expenses; (B) banking expenses; (C) electricity expenses; (D) cleaning expenses; (E) pest control expenses; (F) phone and internet expenses; (G) day-to-day maintenance expenses; (H) scheme operator administration and management expenses; (I) staff salary or wages that are not section 107 expenditure; (J) staff expenses that are not section 107 expenditure. Examples— training costs, membership fees, bonuses (ii) lists, as separate line items, each other item of general expenditure that is material; and (iii) states, as a separate line item, the total amount of general expenditure that is not otherwise included in a separate line item; and (iv) states the total general expenditure; and\n- (i) lists, as separate line items, the following types of general expenditure (whether or not they are material expenditure)— (A) audit expenses; (B) banking expenses; (C) electricity expenses; (D) cleaning expenses; (E) pest control expenses; (F) phone and internet expenses; (G) day-to-day maintenance expenses; (H) scheme operator administration and management expenses; (I) staff salary or wages that are not section 107 expenditure; (J) staff expenses that are not section 107 expenditure. Examples— training costs, membership fees, bonuses\n- (A) audit expenses;\n- (B) banking expenses;\n- (C) electricity expenses;\n- (D) cleaning expenses;\n- (E) pest control expenses;\n- (F) phone and internet expenses;\n- (G) day-to-day maintenance expenses;\n- (H) scheme operator administration and management expenses;\n- (I) staff salary or wages that are not section 107 expenditure;\n- (J) staff expenses that are not section 107 expenditure. Examples— training costs, membership fees, bonuses\n- (ii) lists, as separate line items, each other item of general expenditure that is material; and\n- (iii) states, as a separate line item, the total amount of general expenditure that is not otherwise included in a separate line item; and\n- (iv) states the total general expenditure; and\n- (c) separately state the total expenditure of the fund.\n- (i) lists, as separate line items, each type of section 107 expenditure; and\n- (ii) states the total of the section 107 expenditure; and\n- (i) lists, as separate line items, the following types of general expenditure (whether or not they are material expenditure)— (A) audit expenses; (B) banking expenses; (C) electricity expenses; (D) cleaning expenses; (E) pest control expenses; (F) phone and internet expenses; (G) day-to-day maintenance expenses; (H) scheme operator administration and management expenses; (I) staff salary or wages that are not section 107 expenditure; (J) staff expenses that are not section 107 expenditure. Examples— training costs, membership fees, bonuses\n- (A) audit expenses;\n- (B) banking expenses;\n- (C) electricity expenses;\n- (D) cleaning expenses;\n- (E) pest control expenses;\n- (F) phone and internet expenses;\n- (G) day-to-day maintenance expenses;\n- (H) scheme operator administration and management expenses;\n- (I) staff salary or wages that are not section 107 expenditure;\n- (J) staff expenses that are not section 107 expenditure. Examples— training costs, membership fees, bonuses\n- (ii) lists, as separate line items, each other item of general expenditure that is material; and\n- (iii) states, as a separate line item, the total amount of general expenditure that is not otherwise included in a separate line item; and\n- (iv) states the total general expenditure; and\n- (A) audit expenses;\n- (B) banking expenses;\n- (C) electricity expenses;\n- (D) cleaning expenses;\n- (E) pest control expenses;\n- (F) phone and internet expenses;\n- (G) day-to-day maintenance expenses;\n- (H) scheme operator administration and management expenses;\n- (I) staff salary or wages that are not section 107 expenditure;\n- (J) staff expenses that are not section 107 expenditure. Examples— training costs, membership fees, bonuses","sortOrder":90},{"sectionNumber":"sch.5B-sec.16","sectionType":"section","heading":"Surplus or deficit of general services charges fund","content":"### sch.5B-sec.16 Surplus or deficit of general services charges fund\n\nThe statement must separately state—\nthe surplus or deficit of the fund carried over from the previous relevant period; and\nthe surplus or deficit of the fund at the end of the financial year.\n- (a) the surplus or deficit of the fund carried over from the previous relevant period; and\n- (b) the surplus or deficit of the fund at the end of the financial year.","sortOrder":91},{"sectionNumber":"sch.5B-sec.17","sectionType":"section","heading":"Comparisons to amounts for previous relevant period","content":"### sch.5B-sec.17 Comparisons to amounts for previous relevant period\n\nThe statement must state, next to each amount mentioned in section 14 , 15 or 16 , the corresponding amount for the previous relevant period.","sortOrder":92},{"sectionNumber":"sch.5B-sec.18","sectionType":"section","heading":"Form of statement and comparison to corresponding budget amount","content":"### sch.5B-sec.18 Form of statement and comparison to corresponding budget amount\n\nThe statement must—\nas close as practicable, be in the same form as the general services charge budget; and\nstate, next to each amount mentioned in section 14 , 15 or 16 (the actual amount )—\nthe corresponding amount in the general services charge budget; and\nthe amount of the difference between the actual amount and the corresponding amount in the general services charge budget.\n- (a) as close as practicable, be in the same form as the general services charge budget; and\n- (b) state, next to each amount mentioned in section 14 , 15 or 16 (the actual amount )— (i) the corresponding amount in the general services charge budget; and (ii) the amount of the difference between the actual amount and the corresponding amount in the general services charge budget.\n- (i) the corresponding amount in the general services charge budget; and\n- (ii) the amount of the difference between the actual amount and the corresponding amount in the general services charge budget.\n- (i) the corresponding amount in the general services charge budget; and\n- (ii) the amount of the difference between the actual amount and the corresponding amount in the general services charge budget.","sortOrder":93},{"sectionNumber":"sch.5B-pt.4","sectionType":"part","heading":"Requirements for statement of assets and liabilities","content":"# Requirements for statement of assets and liabilities","sortOrder":94},{"sectionNumber":"sch.5B-sec.19","sectionType":"section","heading":"Application of part","content":"### sch.5B-sec.19 Application of part\n\nThis part states requirements for a statement of assets and liabilities, for a retirement village, mentioned in section 16D (2) (b) of the regulation.","sortOrder":95},{"sectionNumber":"sch.5B-sec.20","sectionType":"section","heading":"Assets","content":"### sch.5B-sec.20 Assets\n\nThe statement of assets and liabilities must have a section showing the assets of the retirement village as at the end of the financial year.\nWithout limiting subsection (1) , the section must list, as separate line items, the balance of the bank accounts for the capital replacement fund, the maintenance reserve fund and the general services charges fund.\n(sch.5B-sec.20-ssec.1) The statement of assets and liabilities must have a section showing the assets of the retirement village as at the end of the financial year.\n(sch.5B-sec.20-ssec.2) Without limiting subsection (1) , the section must list, as separate line items, the balance of the bank accounts for the capital replacement fund, the maintenance reserve fund and the general services charges fund.","sortOrder":96},{"sectionNumber":"sch.5B-sec.21","sectionType":"section","heading":"Liabilities","content":"### sch.5B-sec.21 Liabilities\n\nThe statement of assets and liabilities must have a section showing the liabilities of the retirement village as at the end of the financial year.\nWithout limiting subsection (1) , the section must state, for each liability that is a loan, the reason for the loan.\n(sch.5B-sec.21-ssec.1) The statement of assets and liabilities must have a section showing the liabilities of the retirement village as at the end of the financial year.\n(sch.5B-sec.21-ssec.2) Without limiting subsection (1) , the section must state, for each liability that is a loan, the reason for the loan.","sortOrder":97},{"sectionNumber":"sch.5B-pt.5","sectionType":"part","heading":"Accounting disclosure notes","content":"# Accounting disclosure notes","sortOrder":98},{"sectionNumber":"sch.5B-pt.5-div.1","sectionType":"division","heading":"Preliminary","content":"## Preliminary","sortOrder":99},{"sectionNumber":"sch.5B-sec.22","sectionType":"section","heading":"Definitions for part","content":"### sch.5B-sec.22 Definitions for part\n\nIn this part—\nsurplus or deficit means the amount mentioned in—\nfor the capital replacement fund— section 4 (b) ; or\nfor the maintenance reserve fund— section 10 (b) ; or\nfor the general services charges fund— section 16 (b) ; or\n- (a) for the capital replacement fund— section 4 (b) ; or\n- (b) for the maintenance reserve fund— section 10 (b) ; or\n- (c) for the general services charges fund— section 16 (b) ; or","sortOrder":100},{"sectionNumber":"sch.5B-pt.5-div.2","sectionType":"division","heading":"Accounting disclosure notes for annual financial statements","content":"## Accounting disclosure notes for annual financial statements","sortOrder":101},{"sectionNumber":"sch.5B-sec.23","sectionType":"section","heading":"Application of division","content":"### sch.5B-sec.23 Application of division\n\nThis division states the accounting disclosure notes that must be included in an annual financial statement under section 16D (2) (c) of the regulation.","sortOrder":102},{"sectionNumber":"sch.5B-sec.24","sectionType":"section","heading":"Accounting disclosure notes for capital replacement fund, maintenance reserve fund and general services charges fund","content":"### sch.5B-sec.24 Accounting disclosure notes for capital replacement fund, maintenance reserve fund and general services charges fund\n\nAn annual financial statement must include the following accounting disclosure notes for each of the capital replacement fund, maintenance reserve fund and general services charges fund—\nfor each line item of expected expenditure of the fund that is material expenditure and is made up of more than 1 expense type—a note stating the breakdown, purpose and amounts of expense types forming part of the line item (to the extent not otherwise separately disclosed in the annual financial statement);\nFor a line item for administration and management expenses, the note may list the types of expenses (for example, ‘accounting’, ‘human resources’, ‘web services’, ‘IT support’, ‘other’) and amounts forming part of the line item.\nif a line item of expenditure of the fund includes a shared expense—a note stating—\nthe other entities, types of entities or purposes for which the expense is expected to be incurred; and\nthe method used to calculate the portion of the shared expense to be paid from the fund;\nif no amounts are paid into or from the fund—an explanation of why no amounts are paid into or from the fund;\nan explanation of any material differences between—\nthe income or expenditure of the fund and the corresponding amount in the fund budget; and\nany surplus or deficit of the fund and the corresponding amount in the fund budget.\nThe statement must also include the following accounting disclosure notes for the capital replacement fund—\nfor each amount received under an insurance policy that was paid into the fund under section 94 (1) (a) of the Act —a note stating particulars of the payment;\na note stating the amount of the capital replacement reserve under section 92 (3) of the Act ;\na note explaining any material difference between the amount of the capital replacement reserve and the amount recommended in the capital replacement quantity surveyor report.\nThe statement must also include the following accounting disclosure notes for the maintenance reserve fund—\na note stating the amount of the maintenance reserve under section 98 (3) of the Act ;\na note explaining any material difference between the amount of the maintenance reserve and the amount recommended in the maintenance and repair quantity surveyor report for the fund.\n(sch.5B-sec.24-ssec.1) An annual financial statement must include the following accounting disclosure notes for each of the capital replacement fund, maintenance reserve fund and general services charges fund— for each line item of expected expenditure of the fund that is material expenditure and is made up of more than 1 expense type—a note stating the breakdown, purpose and amounts of expense types forming part of the line item (to the extent not otherwise separately disclosed in the annual financial statement); For a line item for administration and management expenses, the note may list the types of expenses (for example, ‘accounting’, ‘human resources’, ‘web services’, ‘IT support’, ‘other’) and amounts forming part of the line item. if a line item of expenditure of the fund includes a shared expense—a note stating— the other entities, types of entities or purposes for which the expense is expected to be incurred; and the method used to calculate the portion of the shared expense to be paid from the fund; if no amounts are paid into or from the fund—an explanation of why no amounts are paid into or from the fund; an explanation of any material differences between— the income or expenditure of the fund and the corresponding amount in the fund budget; and any surplus or deficit of the fund and the corresponding amount in the fund budget.\n(sch.5B-sec.24-ssec.2) The statement must also include the following accounting disclosure notes for the capital replacement fund— for each amount received under an insurance policy that was paid into the fund under section 94 (1) (a) of the Act —a note stating particulars of the payment; a note stating the amount of the capital replacement reserve under section 92 (3) of the Act ; a note explaining any material difference between the amount of the capital replacement reserve and the amount recommended in the capital replacement quantity surveyor report.\n(sch.5B-sec.24-ssec.3) The statement must also include the following accounting disclosure notes for the maintenance reserve fund— a note stating the amount of the maintenance reserve under section 98 (3) of the Act ; a note explaining any material difference between the amount of the maintenance reserve and the amount recommended in the maintenance and repair quantity surveyor report for the fund.\n- (a) for each line item of expected expenditure of the fund that is material expenditure and is made up of more than 1 expense type—a note stating the breakdown, purpose and amounts of expense types forming part of the line item (to the extent not otherwise separately disclosed in the annual financial statement); Example— For a line item for administration and management expenses, the note may list the types of expenses (for example, ‘accounting’, ‘human resources’, ‘web services’, ‘IT support’, ‘other’) and amounts forming part of the line item.\n- (b) if a line item of expenditure of the fund includes a shared expense—a note stating— (i) the other entities, types of entities or purposes for which the expense is expected to be incurred; and (ii) the method used to calculate the portion of the shared expense to be paid from the fund;\n- (i) the other entities, types of entities or purposes for which the expense is expected to be incurred; and\n- (ii) the method used to calculate the portion of the shared expense to be paid from the fund;\n- (c) if no amounts are paid into or from the fund—an explanation of why no amounts are paid into or from the fund;\n- (d) an explanation of any material differences between— (i) the income or expenditure of the fund and the corresponding amount in the fund budget; and (ii) any surplus or deficit of the fund and the corresponding amount in the fund budget.\n- (i) the income or expenditure of the fund and the corresponding amount in the fund budget; and\n- (ii) any surplus or deficit of the fund and the corresponding amount in the fund budget.\n- (i) the other entities, types of entities or purposes for which the expense is expected to be incurred; and\n- (ii) the method used to calculate the portion of the shared expense to be paid from the fund;\n- (i) the income or expenditure of the fund and the corresponding amount in the fund budget; and\n- (ii) any surplus or deficit of the fund and the corresponding amount in the fund budget.\n- (a) for each amount received under an insurance policy that was paid into the fund under section 94 (1) (a) of the Act —a note stating particulars of the payment;\n- (b) a note stating the amount of the capital replacement reserve under section 92 (3) of the Act ;\n- (c) a note explaining any material difference between the amount of the capital replacement reserve and the amount recommended in the capital replacement quantity surveyor report.\n- (a) a note stating the amount of the maintenance reserve under section 98 (3) of the Act ;\n- (b) a note explaining any material difference between the amount of the maintenance reserve and the amount recommended in the maintenance and repair quantity surveyor report for the fund.","sortOrder":103},{"sectionNumber":"sch.5B-sec.25","sectionType":"section","heading":"Other accounting disclosure notes","content":"### sch.5B-sec.25 Other accounting disclosure notes\n\nAn annual financial statement must include the following accounting disclosure notes—\na note stating the basis for the preparation of the annual financial statement and any accounting standards and principles that the statement was prepared in accordance with;\nif all or part of the retirement village land is included in a community titles scheme—a note describing the payments made by the scheme operator to, or received by the scheme operator from, the body corporate for the community titles scheme;\na note stating the types of interests affecting the retirement village’s property as at the end of the financial year;\nfreehold interests in accommodation units, leasehold interests in accommodation units, licences of accommodation units\nif an interest, mortgage or other charge affects the retirement village’s property other than property in which a resident holds a freehold, leasehold or other interest—a note stating the person entitled to the benefit of the interest, mortgage or charge;\na note stating the particulars of any payments that—\nrelate to capital replacement, maintenance or general services for the retirement village; and\nwere made by the scheme operator to, or received by the scheme operator from, a related party of the scheme operator; and\nwere not made as part of a transaction at arm’s length for fair value with a party to a residence contract or residential tenancies agreement entered into with the scheme operator.\nIn this section—\nbody corporate see the Body Corporate and Community Management Act 1997 , schedule 6 .\nrelated party , of a scheme operator of a retirement village, means—\nan entity that supplies goods or services to the retirement village, or residents of the retirement village, if the scheme operator—\nhas an interest in the entity; or\nobtains a commission, fee or reward in relation to the supply of the service; or\na general service, a personal service, a utility\nif the scheme operator is a corporation—\na related body corporate of the scheme operator within the meaning of the Corporations Act , section 50 ; or\na related party of the scheme operator within the meaning of the Corporations Act , section 228 ; or\nif the scheme operator is an individual—\na relative of the scheme operator; or\na corporation of which the scheme operator or a relative of the scheme operator is a director, secretary or majority shareholder.\nrelative , of a scheme operator who is an individual, means—\na spouse or de facto partner of the scheme operator; or\na parent, brother, sister or child of the scheme operator, whether the relationship arises by marriage, de facto relationship, adoption or otherwise; or\na step-parent, stepbrother, stepsister or stepchild of the scheme operator; or\na member of the same household as the scheme operator.\n(sch.5B-sec.25-ssec.1) An annual financial statement must include the following accounting disclosure notes— a note stating the basis for the preparation of the annual financial statement and any accounting standards and principles that the statement was prepared in accordance with; if all or part of the retirement village land is included in a community titles scheme—a note describing the payments made by the scheme operator to, or received by the scheme operator from, the body corporate for the community titles scheme; a note stating the types of interests affecting the retirement village’s property as at the end of the financial year; freehold interests in accommodation units, leasehold interests in accommodation units, licences of accommodation units if an interest, mortgage or other charge affects the retirement village’s property other than property in which a resident holds a freehold, leasehold or other interest—a note stating the person entitled to the benefit of the interest, mortgage or charge; a note stating the particulars of any payments that— relate to capital replacement, maintenance or general services for the retirement village; and were made by the scheme operator to, or received by the scheme operator from, a related party of the scheme operator; and were not made as part of a transaction at arm’s length for fair value with a party to a residence contract or residential tenancies agreement entered into with the scheme operator.\n(sch.5B-sec.25-ssec.2) In this section— body corporate see the Body Corporate and Community Management Act 1997 , schedule 6 . related party , of a scheme operator of a retirement village, means— an entity that supplies goods or services to the retirement village, or residents of the retirement village, if the scheme operator— has an interest in the entity; or obtains a commission, fee or reward in relation to the supply of the service; or a general service, a personal service, a utility if the scheme operator is a corporation— a related body corporate of the scheme operator within the meaning of the Corporations Act , section 50 ; or a related party of the scheme operator within the meaning of the Corporations Act , section 228 ; or if the scheme operator is an individual— a relative of the scheme operator; or a corporation of which the scheme operator or a relative of the scheme operator is a director, secretary or majority shareholder. relative , of a scheme operator who is an individual, means— a spouse or de facto partner of the scheme operator; or a parent, brother, sister or child of the scheme operator, whether the relationship arises by marriage, de facto relationship, adoption or otherwise; or a step-parent, stepbrother, stepsister or stepchild of the scheme operator; or a member of the same household as the scheme operator.\n- (a) a note stating the basis for the preparation of the annual financial statement and any accounting standards and principles that the statement was prepared in accordance with;\n- (b) if all or part of the retirement village land is included in a community titles scheme—a note describing the payments made by the scheme operator to, or received by the scheme operator from, the body corporate for the community titles scheme;\n- (c) a note stating the types of interests affecting the retirement village’s property as at the end of the financial year; Examples of types of interests affecting the retirement village’s property— freehold interests in accommodation units, leasehold interests in accommodation units, licences of accommodation units\n- (d) if an interest, mortgage or other charge affects the retirement village’s property other than property in which a resident holds a freehold, leasehold or other interest—a note stating the person entitled to the benefit of the interest, mortgage or charge;\n- (e) a note stating the particulars of any payments that— (i) relate to capital replacement, maintenance or general services for the retirement village; and (ii) were made by the scheme operator to, or received by the scheme operator from, a related party of the scheme operator; and (iii) were not made as part of a transaction at arm’s length for fair value with a party to a residence contract or residential tenancies agreement entered into with the scheme operator.\n- (i) relate to capital replacement, maintenance or general services for the retirement village; and\n- (ii) were made by the scheme operator to, or received by the scheme operator from, a related party of the scheme operator; and\n- (iii) were not made as part of a transaction at arm’s length for fair value with a party to a residence contract or residential tenancies agreement entered into with the scheme operator.\n- (i) relate to capital replacement, maintenance or general services for the retirement village; and\n- (ii) were made by the scheme operator to, or received by the scheme operator from, a related party of the scheme operator; and\n- (iii) were not made as part of a transaction at arm’s length for fair value with a party to a residence contract or residential tenancies agreement entered into with the scheme operator.\n- (a) an entity that supplies goods or services to the retirement village, or residents of the retirement village, if the scheme operator— (i) has an interest in the entity; or (ii) obtains a commission, fee or reward in relation to the supply of the service; or Examples of a service— a general service, a personal service, a utility\n- (i) has an interest in the entity; or\n- (ii) obtains a commission, fee or reward in relation to the supply of the service; or\n- (b) if the scheme operator is a corporation— (i) a related body corporate of the scheme operator within the meaning of the Corporations Act , section 50 ; or (ii) a related party of the scheme operator within the meaning of the Corporations Act , section 228 ; or\n- (i) a related body corporate of the scheme operator within the meaning of the Corporations Act , section 50 ; or\n- (ii) a related party of the scheme operator within the meaning of the Corporations Act , section 228 ; or\n- (c) if the scheme operator is an individual— (i) a relative of the scheme operator; or (ii) a corporation of which the scheme operator or a relative of the scheme operator is a director, secretary or majority shareholder.\n- (i) a relative of the scheme operator; or\n- (ii) a corporation of which the scheme operator or a relative of the scheme operator is a director, secretary or majority shareholder.\n- (i) has an interest in the entity; or\n- (ii) obtains a commission, fee or reward in relation to the supply of the service; or\n- (i) a related body corporate of the scheme operator within the meaning of the Corporations Act , section 50 ; or\n- (ii) a related party of the scheme operator within the meaning of the Corporations Act , section 228 ; or\n- (i) a relative of the scheme operator; or\n- (ii) a corporation of which the scheme operator or a relative of the scheme operator is a director, secretary or majority shareholder.\n- (a) a spouse or de facto partner of the scheme operator; or\n- (b) a parent, brother, sister or child of the scheme operator, whether the relationship arises by marriage, de facto relationship, adoption or otherwise; or\n- (c) a step-parent, stepbrother, stepsister or stepchild of the scheme operator; or\n- (d) a member of the same household as the scheme operator.","sortOrder":104},{"sectionNumber":"sch.5B-sec.26","sectionType":"section","heading":"Accounting disclosure note about former resident liabilities","content":"### sch.5B-sec.26 Accounting disclosure note about former resident liabilities\n\nAn annual financial statement for a financial year must include an accounting disclosure note stating—\nwhether or not, as at the end of the financial year, the scheme operator has paid all former resident liabilities for the financial year in full; and\nif the scheme operator has not paid all former resident liabilities for the financial year in full as at the end of the financial year—\nthe total amount of the former resident liabilities for the financial year that remains unpaid as at the end of the financial year; and\nthe reason why the amount mentioned in subparagraph (i) has not been paid; and\nif, as at the end of the financial year, the scheme operator was unable to pay the amount mentioned in subparagraph (i) —the reasons why the scheme operator is unable to pay the amount.\nIn this section—\npay includes credit the account of another person.\nformer resident liability , for a financial year, means an amount that becomes payable by the scheme operator under section 63 (1) or 63A (3) of the Act during the financial year.\n(sch.5B-sec.26-ssec.1) An annual financial statement for a financial year must include an accounting disclosure note stating— whether or not, as at the end of the financial year, the scheme operator has paid all former resident liabilities for the financial year in full; and if the scheme operator has not paid all former resident liabilities for the financial year in full as at the end of the financial year— the total amount of the former resident liabilities for the financial year that remains unpaid as at the end of the financial year; and the reason why the amount mentioned in subparagraph (i) has not been paid; and if, as at the end of the financial year, the scheme operator was unable to pay the amount mentioned in subparagraph (i) —the reasons why the scheme operator is unable to pay the amount.\n(sch.5B-sec.26-ssec.2) In this section— pay includes credit the account of another person. former resident liability , for a financial year, means an amount that becomes payable by the scheme operator under section 63 (1) or 63A (3) of the Act during the financial year.\n- (a) whether or not, as at the end of the financial year, the scheme operator has paid all former resident liabilities for the financial year in full; and\n- (b) if the scheme operator has not paid all former resident liabilities for the financial year in full as at the end of the financial year— (i) the total amount of the former resident liabilities for the financial year that remains unpaid as at the end of the financial year; and (ii) the reason why the amount mentioned in subparagraph (i) has not been paid; and (iii) if, as at the end of the financial year, the scheme operator was unable to pay the amount mentioned in subparagraph (i) —the reasons why the scheme operator is unable to pay the amount.\n- (i) the total amount of the former resident liabilities for the financial year that remains unpaid as at the end of the financial year; and\n- (ii) the reason why the amount mentioned in subparagraph (i) has not been paid; and\n- (iii) if, as at the end of the financial year, the scheme operator was unable to pay the amount mentioned in subparagraph (i) —the reasons why the scheme operator is unable to pay the amount.\n- (i) the total amount of the former resident liabilities for the financial year that remains unpaid as at the end of the financial year; and\n- (ii) the reason why the amount mentioned in subparagraph (i) has not been paid; and\n- (iii) if, as at the end of the financial year, the scheme operator was unable to pay the amount mentioned in subparagraph (i) —the reasons why the scheme operator is unable to pay the amount.","sortOrder":105},{"sectionNumber":"sch.5B-pt.5-div.3","sectionType":"division","heading":"Accounting disclosure note for quarterly financial statements","content":"## Accounting disclosure note for quarterly financial statements","sortOrder":106},{"sectionNumber":"sch.5B-sec.27","sectionType":"section","heading":"Application of division","content":"### sch.5B-sec.27 Application of division\n\nThis division states the accounting disclosure notes that must be included in a quarterly financial statement under section 16E (2) (b) of the regulation.","sortOrder":107},{"sectionNumber":"sch.5B-sec.28","sectionType":"section","heading":"Accounting disclosure notes for capital replacement fund, maintenance reserve fund and general services charges fund","content":"### sch.5B-sec.28 Accounting disclosure notes for capital replacement fund, maintenance reserve fund and general services charges fund\n\nA quarterly statement must include the following accounting disclosure notes for each of the capital replacement fund, maintenance reserve fund and general services charges fund—\nfor each line item of expenditure of the fund that is material expenditure and is made up of more than 1 expense type—a note stating the breakdown, purpose and amounts of expense types forming part of the line item (to the extent not otherwise separately disclosed in the quarterly statement);\nif a line item of expenditure of the fund includes a shared expense—a note stating—\nthe other entities, types of entities or purposes for which the expense is expected to be incurred; and\nthe method used to calculate the portion of the shared expense to be paid from the fund.\nif no amounts are paid into or from the fund—an explanation of why no amounts are paid into or from the fund.\nThe statement must also include, for each amount paid into the capital replacement fund under section 94 (1) (a) of the Act , an accounting disclosure note stating particulars of the payment.\n(sch.5B-sec.28-ssec.1) A quarterly statement must include the following accounting disclosure notes for each of the capital replacement fund, maintenance reserve fund and general services charges fund— for each line item of expenditure of the fund that is material expenditure and is made up of more than 1 expense type—a note stating the breakdown, purpose and amounts of expense types forming part of the line item (to the extent not otherwise separately disclosed in the quarterly statement); if a line item of expenditure of the fund includes a shared expense—a note stating— the other entities, types of entities or purposes for which the expense is expected to be incurred; and the method used to calculate the portion of the shared expense to be paid from the fund. if no amounts are paid into or from the fund—an explanation of why no amounts are paid into or from the fund.\n(sch.5B-sec.28-ssec.2) The statement must also include, for each amount paid into the capital replacement fund under section 94 (1) (a) of the Act , an accounting disclosure note stating particulars of the payment.\n- (a) for each line item of expenditure of the fund that is material expenditure and is made up of more than 1 expense type—a note stating the breakdown, purpose and amounts of expense types forming part of the line item (to the extent not otherwise separately disclosed in the quarterly statement);\n- (b) if a line item of expenditure of the fund includes a shared expense—a note stating— (i) the other entities, types of entities or purposes for which the expense is expected to be incurred; and (ii) the method used to calculate the portion of the shared expense to be paid from the fund.\n- (i) the other entities, types of entities or purposes for which the expense is expected to be incurred; and\n- (ii) the method used to calculate the portion of the shared expense to be paid from the fund.\n- (c) if no amounts are paid into or from the fund—an explanation of why no amounts are paid into or from the fund.\n- (i) the other entities, types of entities or purposes for which the expense is expected to be incurred; and\n- (ii) the method used to calculate the portion of the shared expense to be paid from the fund.","sortOrder":108},{"sectionNumber":"sch.5B-pt.6","sectionType":"part","heading":"Other information to be included in annual financial statements","content":"# Other information to be included in annual financial statements","sortOrder":109},{"sectionNumber":"sch.5B-sec.29","sectionType":"section","heading":"Application of part","content":"### sch.5B-sec.29 Application of part\n\nThis part states other information that must be included in an annual financial statement under section 16D (2) (d) of the regulation.","sortOrder":110},{"sectionNumber":"sch.5B-sec.30","sectionType":"section","heading":"Declarations by scheme operator","content":"### sch.5B-sec.30 Declarations by scheme operator\n\nAn annual financial statement must include a declaration by the scheme operator as to whether—\nthe statement has been prepared in accordance with the Act ; and\nthe information in the statement is true and correct; and\nthe statement was prepared on the assumption the retirement village scheme is a going concern.\nAn annual financial statement must include a declaration by the scheme operator as to whether the bank accounts for the capital replacement fund, maintenance reserve fund and general services charges fund have been operated in accordance with the Act .\nAn annual financial statement must include a declaration by the scheme operator as to whether the scheme operator is able to pay all the operator’s debts relating to the retirement village as they become payable.\n(sch.5B-sec.30-ssec.1) An annual financial statement must include a declaration by the scheme operator as to whether— the statement has been prepared in accordance with the Act ; and the information in the statement is true and correct; and the statement was prepared on the assumption the retirement village scheme is a going concern.\n(sch.5B-sec.30-ssec.2) An annual financial statement must include a declaration by the scheme operator as to whether the bank accounts for the capital replacement fund, maintenance reserve fund and general services charges fund have been operated in accordance with the Act .\n(sch.5B-sec.30-ssec.3) An annual financial statement must include a declaration by the scheme operator as to whether the scheme operator is able to pay all the operator’s debts relating to the retirement village as they become payable.\n- (a) the statement has been prepared in accordance with the Act ; and\n- (b) the information in the statement is true and correct; and\n- (c) the statement was prepared on the assumption the retirement village scheme is a going concern.","sortOrder":111},{"sectionNumber":"sch.5B-pt.7","sectionType":"part","heading":"Requirements for audit reports","content":"# Requirements for audit reports","sortOrder":112},{"sectionNumber":"sch.5B-sec.31","sectionType":"section","heading":"Application of part","content":"### sch.5B-sec.31 Application of part\n\nThis part states information that must be included in an audit report, for an annual financial statement, under section 16F (1) (a) of the regulation.","sortOrder":113},{"sectionNumber":"sch.5B-sec.32","sectionType":"section","heading":"Required information","content":"### sch.5B-sec.32 Required information\n\nAn audit report for an annual financial statement for a financial year must state whether or not the auditor considers the scheme operator of the retirement village has the capacity, during the next financial year, to meet the liabilities relating to the village as and when they fall due.\nSee also section 16H of the regulation and section 30 .\nAn audit report for an annual financial statement must state—\nwhether or not the auditor considers the statement has been prepared in accordance with section 113 (1) of the Act ; and\nif the auditor considers the statement is missing a particular mentioned in section 113 (1) of the Act —the missing particular.\nAn audit report for an annual financial statement must state—\nwhether or not the auditor considers the statement has been prepared in accordance with section 16D of the regulation; and\nif the auditor considers the statement has not been prepared in accordance with section 16D of the regulation—the reasons for the non-accordance.\n(sch.5B-sec.32-ssec.1) An audit report for an annual financial statement for a financial year must state whether or not the auditor considers the scheme operator of the retirement village has the capacity, during the next financial year, to meet the liabilities relating to the village as and when they fall due. See also section 16H of the regulation and section 30 .\n(sch.5B-sec.32-ssec.2) An audit report for an annual financial statement must state— whether or not the auditor considers the statement has been prepared in accordance with section 113 (1) of the Act ; and if the auditor considers the statement is missing a particular mentioned in section 113 (1) of the Act —the missing particular.\n(sch.5B-sec.32-ssec.3) An audit report for an annual financial statement must state— whether or not the auditor considers the statement has been prepared in accordance with section 16D of the regulation; and if the auditor considers the statement has not been prepared in accordance with section 16D of the regulation—the reasons for the non-accordance.\n- (a) whether or not the auditor considers the statement has been prepared in accordance with section 113 (1) of the Act ; and\n- (b) if the auditor considers the statement is missing a particular mentioned in section 113 (1) of the Act —the missing particular.\n- (a) whether or not the auditor considers the statement has been prepared in accordance with section 16D of the regulation; and\n- (b) if the auditor considers the statement has not been prepared in accordance with section 16D of the regulation—the reasons for the non-accordance.","sortOrder":114}],"analysis":{"summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"The original 2018 regulation focused primarily on document content requirements (residence contracts, comparison documents, costs documents, condition reports) and fees. Subsequent amendments — particularly the 2019 amendments (SL No. 255) and the substantial 2024 amendments (SL No. 71) — significantly expanded the scope to include: mandatory closure, transition, and redevelopment plans for villages undergoing major changes; a comprehensive new financial documents framework (Part 4A) covering detailed budgets, annual and quarterly financial statements, audit requirements, and independent quantity surveyor reports; and specific exemption declarations for named retirement villages. The regulation has evolved from a relatively narrow procedural document into a much broader financial and operational governance instrument."},"complexity_factors":["Heavy cross-referencing to a parent Act (the Retirement Villages Act) throughout, requiring readers to consult that separate legislation to fully understand obligations","Multiple layered schedules (1, 1A, 1B, 2, 3, 4, 4A, 5, 5A, 5B, 5C, 5D, 6, 7) that contain most of the substantive detail — making it impossible to understand the regulation from the main body alone","Three distinct financial fund types (capital replacement, maintenance reserve, general services charges) each with their own budget and reporting requirements, creating parallel but slightly different obligations","Detailed financial statement formatting requirements (line items, disclosure notes, scheme operator reports, quantity surveyor report cross-referencing) that require accounting knowledge to apply correctly","Multiple transitional provisions with different commencement dates (e.g., 1 July 2024 for some quantity surveyor reports, 1 July 2025 for most financial statements) creating a staggered compliance timeline","Amendments added over time (2019 and 2024 amending regulations) have significantly expanded the original scope, adding closure plans, transition plans, redevelopment plans, and the entire financial documents framework","Regulation uses defined terms (e.g., 'material expenditure', 'expected report expenditure', 'section 107 expenditure') that are not explained in the main body and require navigation to the dictionary in Schedule 7","Exemption provisions (s16J) referring to a specific schedule listing named villages and operators, which adds a layer of particularised, scheme-specific rules"],"plain_english_summary":"## What This Law Does\n\nThis regulation is the detailed rulebook that supports Queensland's main retirement village law (the *Retirement Villages Act*). It sets out the **nitty-gritty requirements** that retirement village operators (the companies or individuals who run retirement villages) must follow when dealing with residents and prospective residents.\n\n## Who It Affects\n\n- **Retirement village residents** (people currently living in a retirement village)\n- **Prospective residents** (people thinking about moving into a retirement village)\n- **Scheme operators** (the businesses or organisations that run retirement villages)\n- **Former residents** (people who have left a retirement village)\n\n## What It Actually Requires\n\n### 📄 Key Documents Operators Must Provide\nOperators must provide specific documents — and cannot charge residents for most of them — including:\n- **Village comparison document**: A standardised summary of the village's costs and features so prospective residents can compare villages\n- **Prospective costs document**: A personalised cost breakdown for a specific unit a person is considering moving into\n- **Residence contract details**: The actual agreement between the operator and resident, including what services are included and how to cancel (rescind) the contract\n- **Closure, transition, and redevelopment plans**: If the village is closing, being handed over, or significantly changed, operators must prepare formal written plans covering those processes\n\n### 🏠 Condition Reports\nWhen someone **moves in**, an entry condition report must be completed — documenting the state of the unit room by room, what's included, and any agreed repairs. When someone **moves out**, an exit condition report does the same thing in reverse, noting any changes or damage the former resident is responsible for. These protect both sides from disputes about the unit's condition.\n\n### 💰 Financial Transparency Requirements\nThis is a significant part of the regulation. Operators must produce detailed financial documents including:\n- **Annual and quarterly financial statements** covering three funds: the *capital replacement fund* (for big-ticket replacements like roofs and lifts), the *maintenance reserve fund* (for ongoing repairs), and the *general services charges fund* (for everyday running costs like cleaning, electricity, and staff wages)\n- **Budgets** for each of those three funds, showing expected income and expenditure with itemised line items\n- **Audit reports** prepared under Australian Auditing Standards\n- **Quantity surveyor reports** (independent assessments by a building cost expert) on capital replacement and maintenance needs\n\nThese requirements kick in from 1 July 2025 for most financial documents.\n\n### 🚫 What Operators Cannot Do\nOperators **cannot charge residents** for preparing or providing:\n- Comparison documents\n- Prospective costs documents\n- Condition reports\n- Most operational documents\n- Copies of the resident's own contract\n\n### 📋 Access to Documents\nResidents have the right to access key operational documents, including their own residence contract and the associated public information document.\n\n### 🌿 Greenspace Rules\nAny significant expansion or reduction of parkland or green areas within a village is classified as a formal \"redevelopment\" (triggering extra rules), but minor changes like laying a small patch of turf are excluded.\n\n## Why This Matters\n\nRetirement villages involve large upfront payments (often hundreds of thousands of dollars) and long-term living arrangements for older Australians. This regulation is designed to ensure **transparency, fairness, and accountability** — so residents know what they're getting into, can compare their options, understand where their money is going, and are protected when they leave."},"issue_detection":{"absurdities":[{"type":"other","section":"sec.2 and sec.18","severity":"low","reasoning":"While not strictly legally fatal, naming a regulation after a year in which it has no operative effect creates confusion and is potentially misleading. The 2010 regulation governs until 1 February 2019 when the '2018' regulation finally kicks in.","confidence":0.7,"description":"The regulation is titled the 'Retirement Villages Regulation 2018' but does not commence until 1 February 2019. Section 18 repeals the Retirement Villages Regulation 2010. This creates a gap period where the 2010 Regulation is repealed on commencement (1 February 2019) but the 2018 Regulation only takes effect on the same date - the naming convention implies a 2018 operative date which is misleading and never achieved."},{"type":"impossible_compliance","section":"sec.11(1)(b)(iii)","severity":"medium","reasoning":"A person completing the report cannot know the exact date it will be given to the prospective resident at the time of completion, unless given simultaneously. Section 11(2) allows approximate dates, partially mitigating this, but section 11(2) only applies where the 'approved form' requires a date, not as a general dispensation. The mandatory requirement in s.11(1)(b)(iii) remains in tension with temporal reality.","confidence":0.75,"description":"The entry condition report must state 'the date the report is given to the prospective resident' as a mandatory content requirement, but this date is logically unknowable at the time of completing the report. The report must be completed before it is given, yet must contain the date it will be given - creating a temporal impossibility where the person completing the report must predict or pre-fill a future date."},{"type":"impossible_compliance","section":"sec.15(1)(b)(iv)","severity":"medium","reasoning":"At the time of completing the exit condition report, the inspector cannot know the date it will ultimately be given to the former resident. Section 15(2) provides the approximate date mechanism but again is conditional on the approved form requiring it, not a blanket cure.","confidence":0.75,"description":"The exit condition report must state 'the date the report is given to the former resident' as mandatory content, yet the same temporal impossibility applies as with entry condition reports - the date of giving cannot be known when completing the report. This is particularly acute for exit reports since the former resident may have already vacated the premises."},{"type":"circular_definition","section":"sec.17(2)(d)","severity":"low","reasoning":"The exception in s.17(2)(d) removes s.16(2) documents from fee protection, only for s.17(3) to re-impose a no-fee rule for the same documents. The regulation could have simply included all operational documents in s.17(2). The circular structure risks confusion about the operative protection.","confidence":0.65,"description":"Section 17(2) prohibits charging a fee for an 'operational document, other than an operational document prescribed under section 16(2)'. Section 16(2) prescribes residence contracts and public information documents as operational documents. This creates a circular carve-out: the very documents a resident most needs (their own residence contract) are excluded from the no-fee protection by this exception, then re-protected under section 17(3)(a). The drafting creates unnecessary circularity and confusion about which subsection actually protects residents from fees for their own residence contracts."},{"type":"self_contradicting","section":"sch.5A-sec.18(a)","severity":"high","reasoning":"The use of 'or' after s.18(a)(ii) means a capital replacement fund budget operator can choose to disclose the capital replacement reserve OR explain material expenditure changes, but not necessarily both. The maintenance reserve fund equivalent (s.18(b)) requires all equivalent notes with 'and'. This inconsistency appears to be a drafting error creating a significantly weaker disclosure obligation for capital replacement fund budgets.","confidence":0.8,"description":"Section 18(a) for capital replacement fund budgets uses the conjunction 'or' between items (ii) and (iii), meaning the scheme operator only needs to include EITHER a disclosure note about the capital replacement reserve OR a disclosure note about material changes to expenditure items - not both. This is almost certainly a drafting error given that items (i) and (ii) use 'and', and the maintenance reserve fund equivalent in s.18(b) uses 'and' throughout, requiring all notes."},{"type":"other","section":"sec.16F(1)(b)","severity":"low","reasoning":"The word 'principals' has a distinct legal meaning (as opposed to agents) that is entirely inapposite in the context of audit standards. While context makes the intent clear, a drafting error of this kind in subordinate legislation creates unnecessary interpretive uncertainty.","confidence":0.85,"description":"Section 16F(1)(b) refers to 'the standards and principals an audit report must be prepared in accordance with'. The word 'principals' appears to be a misspelling of 'principles'. While minor, in a legal instrument prescribing audit standards, using 'principals' (meaning persons in authority) instead of 'principles' (meaning standards or rules) creates genuine ambiguity about what is being prescribed."},{"type":"self_contradicting","section":"sec.19, sec.20, sec.21, sec.22","severity":"medium","reasoning":"A quarterly financial statement for the quarter ending 30 June 2025 would need to comply with s.16E (as s.21 only exempts quarters ending BEFORE 1 July 2025), but the annual financial statement for the year ending 30 June 2025 is exempt under s.20 (years ending BEFORE 1 July 2025 are exempt, but the year ending ON 1 July 2025 is arguably not covered). This creates asymmetric compliance obligations for the same reporting period.","confidence":0.6,"description":"Transitional provisions for quarterly financial statements (s.21) exempt statements for financial quarters ending before 1 July 2025, while annual financial statements (s.20) are exempted for years ending before 1 July 2025. This means the new quarterly statement requirements could technically apply to a quarter ending on 30 June 2025 (Q4 of FY2024-25) while the corresponding annual financial statement for the same year (ending 30 June 2025) is exempt. Operators must produce compliant quarterly statements for the same period for which they need not produce compliant annual statements."},{"type":"other","section":"sec.4A(2) and sec.4B(2)","severity":"low","reasoning":"This is a structural inefficiency rather than a strict logical impossibility, but the inability to combine closure and transition planning for the same scheme into a single document imposes administrative burden and risks inconsistency between the two plans.","confidence":0.5,"description":"Both closure plans and transition plans are separately prohibited from containing matters about more than one retirement village scheme. However, a closure of a scheme necessarily triggers a transition - the two plans will relate to the same scheme but must be separate documents. While not logically impossible, the regulation creates a duplication burden with no mechanism to cross-reference or combine the documents, potentially requiring scheme operators to duplicate significant overlapping content across two separate documents."},{"type":"impossible_compliance","section":"sch.5A-sec.19(1)","severity":"medium","reasoning":"A scheme in its inaugural financial year cannot state a surplus or deficit from a previous year that does not exist. The regulation makes no accommodation for this scenario, creating an impossible compliance obligation for new retirement village schemes.","confidence":0.7,"description":"Section 19(1) requires capital replacement fund and maintenance reserve fund budgets to include disclosure notes about the 'expected surplus or deficit carried over from the previous financial year'. For a brand-new retirement village in its first year of operation, there is no previous financial year and therefore no surplus or deficit to carry over. The regulation provides no exemption or alternative requirement for inaugural budgets, making strict compliance impossible for new schemes."}],"contradictions":[{"severity":"low","section_a":"sec.17(2)(d)","section_b":"sec.17(3)(a)","confidence":0.7,"description":"Section 17(2)(d) explicitly excludes operational documents prescribed under section 16(2) (being residence contracts and public information documents) from the no-fee prohibition. Section 17(3)(a) then separately prohibits charging a fee for preparing or giving those same section 16(2) documents to a resident. The two subsections are not contradictory in outcome - both ultimately protect the resident from fees - but the drafting structure creates an apparent contradiction where s.17(2) seems to permit fees for s.16(2) documents before s.17(3) then prohibits them."},{"severity":"high","section_a":"sch.5A-sec.18(a)(ii) and (iii)","section_b":"sch.5A-sec.18(b)(i)-(iv)","confidence":0.8,"description":"For capital replacement fund budgets, section 18(a) connects items (ii) and (iii) with 'or', meaning only one of: (a) disclosure of the capital replacement reserve, or (b) disclosure of material expenditure changes, need be included. For maintenance reserve fund budgets, the equivalent section 18(b) connects all items with 'and', requiring all disclosure notes including the equivalent reserve disclosure AND material change explanations. There is no apparent policy reason for this asymmetry between materially similar fund types."},{"severity":"medium","section_a":"sec.11(1)(b)(iii) and sec.15(1)(b)(iv)","section_b":"sec.11(2) and sec.15(2)","confidence":0.65,"description":"Subsections 11(1) and 15(1) impose mandatory requirements to state 'the date the report is given' as content of the report itself. Subsections 11(2) and 15(2) allow approximate dates only where 'the approved form requires a date to be stated'. The mandatory content obligation in (1) and the conditional relief mechanism in (2) are misaligned: (2) is conditional on approved form requirements rather than being a general dispensation for the (1) obligation, creating uncertainty about whether approximate dates are permissible for the mandatory 'date given' requirement."},{"severity":"medium","section_a":"sec.19","section_b":"sec.21","confidence":0.55,"description":"Section 19 exempts fund budgets for financial years ending before 1 July 2025 from new requirements. Section 21 exempts quarterly financial statements for financial quarters ending before 1 July 2025. A financial quarter ending on 30 June 2025 is not before 1 July 2025, so the new quarterly statement requirements apply to Q4 of FY2024-25. However, the annual financial statement for the same FY2024-25 (also ending 30 June 2025) appears to also not be exempt under section 20 (which exempts years ending BEFORE 1 July 2025). This creates potential double compliance for the transition year but the quarterly statement for the period before the annual statement transition is unclear."},{"severity":"low","section_a":"sch.5A-sec.4 (capital replacement fund - opening/closing balances)","section_b":"sch.5A-sec.14 (general services charges fund - surplus/deficit)","confidence":0.6,"description":"The capital replacement fund budget statement requires disclosure of 'opening balance' and 'expected closing balance' (sch.5A-sec.4), while the general services charge budget uses 'surplus or deficit carried over' and 'expected surplus or deficit' (sch.5A-sec.14). These are structurally different concepts: a balance and a surplus/deficit are not equivalent financial metrics. The capital replacement fund is treated as a balance sheet item while the general services charge fund is treated as an income statement item, with no explanation of the differing treatment for what are all described as 'funds' under the same regulatory framework."}]},"kimi_summary":{"_metrics":{"provider":"moonshot","completionTokens":2635},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":true,"description":"The regulation has expanded significantly beyond its original 2018 scope. While initially focused on basic documentation (contracts and condition reports), subsequent amendments have added comprehensive financial governance requirements—including detailed budgeting rules, quarterly reporting, independent audit specifications, and quantity surveyor reports—and new planning regimes for village closure, transition, and redevelopment."},"complexity_factors":["Extensive cross-referencing to the enabling Act (Retirement Villages Act), Australian Auditing Standards, and the Corporations Act for definitions like 'related party'.","Detailed prescriptive schedules (Schedules 5A and 5B) mandating specific line-item formats for three separate financial funds (capital replacement, maintenance reserve, and general services).","Conditional logic requiring different disclosure levels based on 'material expenditure' thresholds and whether expenses are shared with other entities.","Nested definitions (e.g., 'expected report expenditure' defined within sections, and 'related party' defined by reference to family relationships and corporate control).","Multiple amendment layers (2019, 2022, 2024) resulting in inserted sections, renumbering, and transitional provisions that create parallel application rules for different financial years.","Specific formatting requirements for financial statements, including mandatory comparison columns for previous periods and budgets."],"plain_english_summary":"This regulation sets out the paperwork and financial transparency rules that retirement village operators must follow under Queensland’s Retirement Villages Act.\n\n**Who it affects:**\n*   **Operators** (called *scheme operators* — the companies or people running retirement villages).\n*   **Residents** and people looking to move in (*prospective residents*).\n*   **Auditors** and **quantity surveyors** (building cost experts) who check the village’s finances.\n\n**What it does:**\n\n**1. Moving In and Out Documents**\nIt mandates specific paperwork to protect residents:\n*   **Residence contracts** must include details like the operator’s contact information, services provided, and how to cancel the contract during the *cooling-off period* (a set time to change your mind without penalty).\n*   **Condition reports** are required inspections when moving in (*entry*) and moving out (*exit*). These must detail the state of the unit, including photos or descriptions of damage, to prevent unfair charges.\n*   **Cost documents**: Operators must provide a *village comparison document* (to compare different villages) and a *prospective costs document* (personalised cost breakdown) for free. They cannot charge fees for these or for providing the contract itself.\n\n**2. Financial Transparency and Accountability**\nThe regulation forces operators to be open about money through three separate funds:\n*   **Capital Replacement Fund**: Savings for major repairs (like replacing roofs or boilers). Requires detailed budgets and independent quantity surveyor reports.\n*   **Maintenance Reserve Fund**: Savings for general upkeep (like painting and gardening).\n*   **General Services Charges Fund**: Money for daily running costs (like cleaning, staff wages, and electricity).\n\nOperators must prepare detailed annual and quarterly financial statements for these funds, including:\n*   Line-item breakdowns of income and spending.\n*   Comparisons between what was budgeted and what was actually spent.\n*   **Disclosure notes** explaining any payments to *related parties* (family members or connected businesses) to prevent conflicts of interest.\n*   Independent **audit reports** confirming the operator can pay their debts.\n\n**3. Planning for Big Changes**\nOperators must create formal plans for major events:\n*   **Closure plans** (if the village is shutting down).\n*   **Transition plans** (if a new operator is taking over).\n*   **Redevelopment plans** (if the village is being significantly rebuilt, including changes to gardens or parkland).\n\n**Why it matters:**\nThis regulation protects older Australians moving into retirement villages by ensuring they know exactly what they are paying for, what condition their unit is in, and that the village is financially sound. It prevents operators from hiding fees, skimming money from maintenance funds, or leaving residents with unexpected bills for major repairs."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/retirement-villages-regulation-2018","history":"/api/acts/retirement-villages-regulation-2018/history","analysis":"/api/acts/retirement-villages-regulation-2018/analysis","conflicts":"/api/acts/retirement-villages-regulation-2018/conflicts","importantCases":"/api/acts/retirement-villages-regulation-2018/important-cases","documents":"/api/acts/retirement-villages-regulation-2018/documents"}}