4Meaning of "ingoing contribution"

4 Meaning of "ingoing contribution"

(1)  For the purposes of this Act, an ingoing contribution is taken to be a payment, including a gift or bond, made to the operator of a retirement village in consideration for, or in contemplation of, admission of the person by or on whose behalf the payment was made as a resident of the retirement village and includes any such payment made for the purchase of –

(a) any residential premises in the retirement village; or

(b) the issue or assignment of shares conferring a right of occupation of any such residential premises –

but does not include –

(c) a bond paid under the Aged Care Act 1997 of the Commonwealth; or

(d) recurrent charges.

(2)  Subsection (1) applies to a payment whether or not the whole or any part of it is expressed to be for rent in advance.