Preliminary

sec.1 Short title

This regulation may be cited as the Retirement Villages Regulation 2018 .

sec.2 Commencement

This regulation commences on 1 February 2019.

sec.3 Definitions

The dictionary in schedule 7 defines particular words used in this regulation.

Content of particular documents

sec.4 Particulars for application for registration of a retirement village scheme— Act , s 27

Schedule 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.

sec.4A Matters to be stated in closure plan— Act , s 40C

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. A closure plan must not state matters about more than 1 retirement village scheme. s 4A ins 2019 SL No. 255 s 3 (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. (sec.4A-ssec.2) A closure plan must not state matters about more than 1 retirement village scheme.

sec.4B Matters to be stated in transition plan— Act , s 41E

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. A transition plan must not state matters about more than 1 retirement village scheme. s 4B ins 2019 SL No. 255 s 3 (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. (sec.4B-ssec.2) A transition plan must not state matters about more than 1 retirement village scheme.

sec.5 Details for residence contract— Act , s 45

Each of the following details is prescribed for section 45 (1) (t) of the Act — the name of the scheme and of the scheme operator and the scheme operator’s address for service of documents; the name and address of the trustee who holds the amount of ingoing contribution during the cooling-off period; how the resident may rescind the residence contract under the Act by giving written notice to the scheme operator; the services to be supplied to the resident, including— services funded from the general services charge; and services funded from the personal services charge; and services, if any, available on a fee-for-service basis; 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.

• (a) the name of the scheme and of the scheme operator and the scheme operator’s address for service of documents;
• (b) the name and address of the trustee who holds the amount of ingoing contribution during the cooling-off period;
• (c) how the resident may rescind the residence contract under the Act by giving written notice to the scheme operator;
• (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;
• (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;
• (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.
• (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;

sec.6 Information to be contained in village comparison document— Act , s 74

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. A village comparison document must not contain information about more than 1 retirement village scheme. (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. (sec.6-ssec.2) A village comparison document must not contain information about more than 1 retirement village scheme.

sec.7 Information to be contained in prospective costs document— Act , s 75

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. 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. (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. (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.

• (a) 1 residence contract; and
• (b) the accommodation unit in which the prospective resident is to reside under the residence contract; and
• (c) the retirement village where the accommodation unit is situated.

sec.8 Waiver given under Act , s 84

A waiver given under section 84 (3) of the Act in relation to a residence contract must contain the particulars stated in schedule 4 . See also section 84 (4) (b) of the Act .

sec.8A Matters to be stated in redevelopment plan— Act , s 113E

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. A redevelopment plan must not state matters about more than 1 retirement village. s 8A ins 2019 SL No. 255 s 4 (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. (sec.8A-ssec.2) A redevelopment plan must not state matters about more than 1 retirement village.

Condition reports

Entry condition reports

sec.9 Application of division— Act , s 76

This 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.

sec.10 Completion of entry condition report

The 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.

sec.11 Content of entry condition report

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. 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. 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. (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. (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. (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.

• (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
• (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
• (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
• (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
• (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.
• (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.
• (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
• (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
• (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.
• (a) if the person knows the date—insert the date; or
• (b) otherwise— (i) insert an approximate date; and (ii) indicate in the report that the inserted date is approximate.
• (i) insert an approximate date; and
• (ii) indicate in the report that the inserted date is approximate.
• (i) insert an approximate date; and
• (ii) indicate in the report that the inserted date is approximate.

sec.12 Completion of inspection and report in prospective resident’s absence

If 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.

Exit condition reports

sec.13 Application of division— Act , s 77

This division states requirements for a condition report mentioned in section 77 (1) (a) of the Act (an exit condition report ).

sec.14 Completion of exit condition report

The 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.

sec.15 Content of exit condition report

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. 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. 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. (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. (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. (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.

• (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
• (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
• (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
• (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
• (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.
• (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.
• (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
• (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
• (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.
• (a) if the person knows the date—insert the date; or
• (b) otherwise— (i) insert an approximate date; and (ii) indicate in the report that the inserted date is approximate.
• (i) insert an approximate date; and
• (ii) indicate in the report that the inserted date is approximate.
• (i) insert an approximate date; and
• (ii) indicate in the report that the inserted date is approximate.

Operational documents

sec.16 Prescription of operational documents relating to operation of retirement village scheme— Act , s 85

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 . 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) . (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 . (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) .

• (a) a residence contract the resident and scheme operator have entered into;
• (b) a public information document relating to a residence contract mentioned in paragraph (a) .

Requirements for financial documents

sec.16A Requirements for capital replacement fund budget— Act , s 113AA

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. 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 (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. (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

• (a) a statement for the financial year that complies with schedule 5A , part 1 ; and
• (b) the disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and
• (c) a scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 .

sec.16B Requirements for maintenance reserve fund budget— Act , s 113AA

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. 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 . s 16B (prev s 16AB) ins 2024 SL No. 71 s 3 renum 2024 SL No. 71 s 6 (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. (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 .

• (a) a statement for the financial year that complies with schedule 5A , part 2 ; and
• (b) the disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and
• (c) a scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 .

sec.16C Requirements for general services charge budget— Act , s 113AA

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. 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 . s 16C (prev s 16AC) ins 2024 SL No. 71 s 3 renum 2024 SL No. 71 s 6 (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. (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 .

• (a) a statement for the financial year that complies with schedule 5A , part 3 ; and
• (b) the disclosure notes mentioned in schedule 5A , sections 18 and 19 ; and
• (c) a scheme operator report for the financial year with the disclosure notes mentioned in schedule 5A , section 20 .

sec.16D Requirements for annual financial statements— Act , s 113AA

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. 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 . s 16D (prev s 16AD) ins 2024 SL No. 71 s 3 renum 2024 SL No. 71 s 6 (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. (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 .

• (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
• (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
• (b) a statement of assets and liabilities as at the end of the financial year that complies with schedule 5B , part 4 ; and
• (c) the accounting disclosure notes mentioned in schedule 5B , part 5 , division 2 ; and
• (d) the other information mentioned in schedule 5B , part 6 .
• (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

sec.16E Requirements for quarterly financial statements— Act , s 113AA

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. 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 . s 16E (prev s 16AE) ins 2024 SL No. 71 s 3 renum 2024 SL No. 71 s 6 (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. (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 .

• (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
• (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
• (b) the accounting disclosure notes mentioned in schedule 5B , part 5 , division 3 .
• (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

sec.16F Requirements for audit reports— Act , s 113AA

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 . An audit report for an annual financial statement must include the information mentioned in schedule 5B , part 7 . An audit report must be prepared in accordance with the Australian Auditing Standards. See also section 16H . s 16F (prev s 16AF) ins 2024 SL No. 71 s 3 renum 2024 SL No. 71 s 6 (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 . (sec.16F-ssec.2) An audit report for an annual financial statement must include the information mentioned in schedule 5B , part 7 . (sec.16F-ssec.3) An audit report must be prepared in accordance with the Australian Auditing Standards.

• (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
• (b) the standards and principals an audit report must be prepared in accordance with section 113AA (1) (c) of the Act .

sec.16G Requirements for independent quantity surveyor’s written reports— Act , s 113AA

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. The report must include the information mentioned in schedule 5C . See also section 16H . s 16G (prev s 16AG) ins 2024 SL No. 71 s 3 renum 2024 SL No. 71 s 6 (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. (sec.16G-ssec.2) The report must include the information mentioned in schedule 5C .

sec.16H Financial documents may include other information

Nothing 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. s 16H (prev s 16AH) ins 2024 SL No. 71 s 3 renum 2024 SL No. 71 s 6

Miscellaneous

sec.16I Redevelopment of a retirement village— Act , s 113C

For 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. a small expansion of a grassed area by laying turf clearing a small grassed area to construct a footpath s 16I (prev s 16A) ins 2019 SL No. 255 s 5 renum 2024 SL No. 71 s 6

sec.16J Declaration of exemption— Act , s 70D

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. An exemption under section 70D of the Act is declared to apply to the scheme. s 16J (prev s 16B) ins 2022 SL No. 59 s 3 amd 2024 SL No. 71 s 4 renum 2024 SL No. 71 s 6 (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. (sec.16J-ssec.2) An exemption under section 70D of the Act is declared to apply to the scheme.

Fees

sec.17 Fees

The fees payable under the Act are stated in schedule 6 . 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) . 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. (sec.17-ssec.1) The fees payable under the Act are stated in schedule 6 . (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) . (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.

• (a) a village comparison document;
• (b) a prospective costs document;
• (c) a condition report;
• (d) an operational document, other than an operational document prescribed under section 16 (2) .
• (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
• (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
• (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.
• (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

Repeal and transitional provisions

Repeal

sec.18 Repeal

The Retirement Villages Regulation 2010, SL No. 207 is repealed.

Transitional provisions for Retirement Villages (Financial Documents) Amendment Regulation 2024

sec.19 Application of ss 16A to 16C and 16H to fund budgets

Sections 16A to 16C and 16H do not apply in relation to a fund budget for a financial year ending before 1 July 2025. s 19 ins 2024 SL No. 71 s 8

sec.20 Application of s 16D and 16H to annual financial statements

Sections 16D and 16H do not apply in relation to an annual financial statement for a financial year ending before 1 July 2025. s 20 ins 2024 SL No. 71 s 8

sec.21 Application of s 16E and 16H to quarterly financial statements

Sections 16E and 16H do not apply in relation to a quarterly financial statement for a financial quarter ending before 1 July 2025. s 21 ins 2024 SL No. 71 s 8

sec.22 Application of s 16F and 16H to audit reports

Sections 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 s 22 ins 2024 SL No. 71 s 8

sec.23 Application of s 16G and 16H to independent quantity surveyor’s written reports

Sections 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. s 23 ins 2024 SL No. 71 s 8

sec.24 Use of best estimates of corresponding amounts

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). 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. 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). s 24 ins 2024 SL No. 71 s 8 (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). (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. (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).

• (a) the statement is for the financial year starting on 1 July 2025; and
• (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).
• (a) states the best estimate of the corresponding amount; and
• (b) includes an accounting disclosure note stating that the corresponding amount mentioned in paragraph (a) is an estimate.
• (a) section 16A(2)(a);
• (b) section 16B(2)(a);
• (c) section 16C(2)(a);
• (d) section 16D(2)(a);
• (e) section 16E(2)(a).

Capital replacement fund budget

sch.5A-sec.1 Application of part

This part states requirements for a statement, mentioned in section 16A (2) (a) of the regulation, for the capital replacement fund budget.

sch.5A-sec.2 Expected income of capital replacement fund

The statement must have a section for the expected income of the capital replacement fund that— lists, as separate line items— each amount expected to be paid into the fund under section 94 (1) (a) , (b) or (f) of the Act ; and the total of the capital replacement fund contributions expected to be paid into the fund under section 94 (1) (c) of the Act ; and the total of other amounts expected to be paid into the fund; and states the total expected income of the fund.

• (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
• (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
• (b) states the total expected income of the fund.
• (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

sch.5A-sec.3 Expected expenditure of capital replacement fund

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. 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. The statement must separately state the total expected expenditure of the capital replacement fund. In this section— expected report expenditure means expected expenditure comprising capital replacement costs recommended in a capital replacement quantity surveyor report. (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. (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. (sch.5A-sec.3-ssec.3) The statement must separately state the total expected expenditure of the capital replacement fund. (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.

• (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
• (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
• (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
• (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
• (c) states the total of the expected report expenditure.
• (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
• (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
• (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
• (a) the quantity surveyor’s fees expected to be paid for preparing the capital replacement quantity surveyor report; and
• (b) tax expected to be paid on amounts paid into the fund under section 94 (1) (b) of the Act ; and
• (c) the other expected expenditure of the fund.

sch.5A-sec.4 Expected opening and closing balances of capital replacement fund

The statement must separately state— the opening balance of the capital replacement fund carried over from the previous financial year; and the expected closing balance of the capital replacement fund at the end of the financial year.

• (a) the opening balance of the capital replacement fund carried over from the previous financial year; and
• (b) the expected closing balance of the capital replacement fund at the end of the financial year.

sch.5A-sec.5 Comparisons to amounts for previous period

The statement must state, next to each amount mentioned in section 2 , 3 or 4 — the corresponding amount stated in the last capital replacement fund budget adopted under section 93 (1) of the Act ; and 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 .

• (a) the corresponding amount stated in the last capital replacement fund budget adopted under section 93 (1) of the Act ; and
• (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 .

Maintenance reserve fund budget

sch.5A-sec.6 Application of part

This part states requirements for a statement, mentioned in section 16B (2) (a) of the regulation, for the maintenance reserve fund budget.

sch.5A-sec.7 Expected income of maintenance reserve fund

The statement must have a section for the expected income of the maintenance reserve fund that— lists, as separate line items, each type of expected income; and states the total of the maintenance reserve fund contributions expected to be paid into the fund; and if not stated in a disclosure note under section 18 (b) , states— the total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and 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 states the total expected income of the fund.

• (a) lists, as separate line items, each type of expected income; and
• (b) states the total of the maintenance reserve fund contributions expected to be paid into the fund; and
• (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
• (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
• (d) states the total expected income of the fund.
• (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

sch.5A-sec.8 Expected expenditure of maintenance reserve fund

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. 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. The statement must separately state the total expected expenditure of the maintenance reserve fund. In this section— expected report expenditure means expected expenditure comprising maintenance or repair costs recommended in a maintenance and repair quantity surveyor report. (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. (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. (sch.5A-sec.8-ssec.3) The statement must separately state the total expected expenditure of the maintenance reserve fund. (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.

• (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
• (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
• (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
• (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
• (c) states the total of the expected report expenditure.
• (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
• (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
• (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
• (a) the quantity surveyor’s fees expected to be paid for preparing the maintenance and repair quantity surveyor report; and
• (b) tax expected to be paid on amounts paid into the fund under section 100 (1) (b) of the Act ; and
• (c) the other expected expenditure of the fund.

sch.5A-sec.9 Expected opening and closing balances of maintenance reserve fund

The statement must separately state— the opening balance of the maintenance reserve fund carried over from the previous financial year; and the expected closing balance of the maintenance reserve fund at the end of the financial year.

• (a) the opening balance of the maintenance reserve fund carried over from the previous financial year; and
• (b) the expected closing balance of the maintenance reserve fund at the end of the financial year.

sch.5A-sec.10 Comparisons to amounts for previous period

The statement must state, next to each amount mentioned in section 7 , 8 or 9 — the corresponding amount stated in the last maintenance reserve fund budget adopted under section 99 (1) of the Act ; and 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 .

• (a) the corresponding amount stated in the last maintenance reserve fund budget adopted under section 99 (1) of the Act ; and
• (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 .

General services charge budget

sch.5A-sec.11 Application of part

This part states requirements for a statement, mentioned in section 16C (2) (a) of the regulation, for the general services charge budget.

sch.5A-sec.12 Expected income of general services charges fund

The statement must have a section for the expected income of the general services charges fund that— lists, as separate line items, each type of expected income; and states the total of the general services charges expected to be paid into the fund; and if not stated in a disclosure note under section 18 (c) , states— the total of the general services charges expected to be paid by residents and former residents; and 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 states the total expected income of the fund.

• (a) lists, as separate line items, each type of expected income; and
• (b) states the total of the general services charges expected to be paid into the fund; and
• (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
• (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
• (d) states the total expected income of the fund.
• (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

sch.5A-sec.13 Expected expenditure of general services charges fund

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. Subsection (1) (b) (i) does not limit the types of expected general expenditure that may be listed in the statement as separate line items. In this section— expected general expenditure means expected expenditure of the general services charges fund other than expected section 107 expenditure. (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. (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. (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.

• (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
• (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
• (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
• (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
• (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
• (c) separately state the total expected expenditure of the general services charges fund.
• (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
• (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
• (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
• (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

sch.5A-sec.14 Expected surplus or deficit of general services charges fund

The statement must separately state— the surplus or deficit of the general services charges fund carried over from the previous financial year; and the amount that is the expected surplus or deficit of the general services charges fund at the end of the financial year.

• (a) the surplus or deficit of the general services charges fund carried over from the previous financial year; and
• (b) the amount that is the expected surplus or deficit of the general services charges fund at the end of the financial year.

sch.5A-sec.15 Comparisons to amounts for previous period

The statement must state, next to each amount mentioned in section 12 , 13 or 14 — the corresponding amount stated in the last general services charge budget adopted under section 102A (1) of the Act ; and 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 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 .

• (a) the corresponding amount stated in the last general services charge budget adopted under section 102A (1) of the Act ; and
• (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
• (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 .

sch.5A-sec.16 CPI percentage increase

The 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 .

Fund budget disclosure notes

sch.5A-sec.17 Application of part

This part states— 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 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.

• (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
• (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.

sch.5A-sec.18 Disclosure notes about capital replacement fund contributions, maintenance reserve fund contributions and total general services charges

The fund budget must include— for a capital replacement fund budget— a disclosure note stating particulars of how the scheme operator calculated capital replacement fund contributions mentioned in section 2 (a) (ii) ; and a disclosure note stating the capital replacement reserve under section 92 (3) of the Act ; or 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 for a maintenance reserve fund budget— a disclosure note stating particulars of how the scheme operator calculated maintenance reserve fund contributions mentioned in section 7 (b) and (c) ; and a disclosure note stating the maintenance reserve under section 98 (3) of the Act ; and if not stated in a statement under section 7 , a disclosure note stating— the total of the maintenance reserve fund contributions expected to be paid by residents and former residents; and 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 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 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 for a general services charge budget— 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 if not stated in a statement under section 12 , a disclosure note stating— the total of the general services charges expected to be paid by residents and former residents; and 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 .

• (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
• (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
• (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
• (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
• (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
• (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 .
• (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 .
• (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 .
• (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
• (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
• (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
• (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
• (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 .
• (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 .
• (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 .

sch.5A-sec.19 Disclosure notes about budgeted surplus or deficit

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. 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. (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. (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.

• (a) the expected surplus or deficit carried over from the previous financial year;
• (b) the expected surplus or deficit at the end of the financial year;
• (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.
• (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.
• (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.
• (a) the reasons for, and effect on the budget of, the expected surplus or deficit carried over from the previous financial year;
• (b) the reasons for, and effect on the budget of, the expected surplus or deficit at the end of the financial year.

sch.5A-sec.20 Disclosure notes for scheme operator reports

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. 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. 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. (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. (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. (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.

• (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.
• (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.
• (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.
• (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.

Requirements for statements for capital replacement fund

sch.5B-sec.1 Application of part

This 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.

sch.5B-sec.2 Income of capital replacement fund

The statement must have a section for the income of the fund that— lists, as separate line items— each amount paid into the fund under section 94 (1) (a) , (b) or (f) of the Act ; and the total of the capital replacement fund contributions paid into the fund under section 94 (1) (c) of the Act ; and the total of other amounts paid into the fund; and states the total income of the fund.

• (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
• (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
• (b) states the total income of the fund.
• (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

sch.5B-sec.3 Expenditure of capital replacement fund

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. 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. The statement must separately state the total of all expenditure of the fund. In this section— report expenditure means expenditure on capital replacement items recommended in the capital replacement quantity surveyor report. (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. (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. (sch.5B-sec.3-ssec.3) The statement must separately state the total of all expenditure of the fund. (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.

• (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
• (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
• (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
• (b) states the total of all report expenditure.
• (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
• (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
• (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
• (a) the quantity surveyor’s fees for preparing the capital replacement quantity surveyor report; and
• (b) tax paid on amounts paid into the fund under section 94 (1) (b) of the Act ; and
• (c) the total of the other expenditure.

sch.5B-sec.4 Surplus or deficit of capital replacement fund

The statement must separately state— the surplus or deficit of the fund carried over from the previous relevant period; and the surplus or deficit of the fund at the end of the financial year.

• (a) the surplus or deficit of the fund carried over from the previous relevant period; and
• (b) the surplus or deficit of the fund at the end of the financial year.

sch.5B-sec.5 Comparisons to amounts for previous relevant period

The statement must state, next to each amount mentioned in section 2 , 3 or 4 , the corresponding amount for the previous relevant period.

sch.5B-sec.6 Form or statement and comparison to corresponding budget amount

The statement must— as close as practicable, be in the same form as the capital replacement fund budget; and state, next to each amount mentioned in section 2 , 3 or 4 , the corresponding amount in the capital replacement fund budget.

• (a) as close as practicable, be in the same form as the capital replacement fund budget; and
• (b) state, next to each amount mentioned in section 2 , 3 or 4 , the corresponding amount in the capital replacement fund budget.

Requirements for statements for maintenance reserve fund

sch.5B-sec.7 Application of part

This 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.

sch.5B-sec.8 Income of maintenance reserve fund

The statement must have a section for the income of the fund that— lists, as separate line items, each type of income; and states the total of the maintenance reserve fund contributions paid by— residents; and former residents under section 104 (2) or (3) of the Act ; and states the total of the maintenance reserve fund contributions paid by the scheme operator under— section 104 (3) of the Act ; and section 105 (1) of the Act ; and states the total income of the fund.

• (a) lists, as separate line items, each type of income; and
• (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
• (i) residents; and
• (ii) former residents under section 104 (2) or (3) of the Act ; and
• (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
• (i) section 104 (3) of the Act ; and
• (ii) section 105 (1) of the Act ; and
• (d) states the total income of the fund.
• (i) residents; and
• (ii) former residents under section 104 (2) or (3) of the Act ; and
• (i) section 104 (3) of the Act ; and
• (ii) section 105 (1) of the Act ; and

sch.5B-sec.9 Expenditure of maintenance reserve fund

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. 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. The statement must separately state the total expenditure of the fund. In this section— report expenditure means expenditure on maintenance or repair recommended in the maintenance and repair quantity surveyor report for the fund. (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. (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. (sch.5B-sec.9-ssec.3) The statement must separately state the total expenditure of the fund. (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.

• (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
• (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
• (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
• (b) states the total of all report expenditure.
• (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
• (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
• (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
• (a) the quantity surveyor’s fees for preparing the maintenance and repair quantity surveyor report for the fund; and
• (b) tax paid on amounts paid into the fund under section 100 (1) (b) of the Act ; and
• (c) the total of the other expenditure.

sch.5B-sec.10 Surplus or deficit of maintenance reserve fund

The statement must separately state— the surplus or deficit of the fund carried over from the previous relevant period; and the surplus or deficit of the fund at the end of the financial year.

• (a) the surplus or deficit of the fund carried over from the previous relevant period; and
• (b) the surplus or deficit of the fund at the end of the financial year.

sch.5B-sec.11 Comparisons to amounts for previous relevant period

The statement must state, next to each amount mentioned in section 8 , 9 or 10 , the corresponding amount for the previous relevant period.

sch.5B-sec.12 Form of statement and comparison to corresponding budget amount

The statement must— as close as practicable, be in the same form as the maintenance reserve fund budget; and state, next to each amount mentioned in section 8 , 9 or 10 , the corresponding amount in the maintenance reserve fund budget.

• (a) as close as practicable, be in the same form as the maintenance reserve fund budget; and
• (b) state, next to each amount mentioned in section 8 , 9 or 10 , the corresponding amount in the maintenance reserve fund budget.

Requirements for statements for general services charges fund

sch.5B-sec.13 Application of part

This 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.

sch.5B-sec.14 Income of general services charges fund

The statement must have a section for the income of the fund that— lists, as separate line items, each type of income; and states the total of the general services charges paid by— residents; and former residents under section 104 (2) or (3) of the Act ; and states the total of the general services charges paid by the scheme operator under— section 104 (3) of the Act ; and section 105 (1) of the Act ; and states the total income of the fund.

• (a) lists, as separate line items, each type of income; and
• (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
• (i) residents; and
• (ii) former residents under section 104 (2) or (3) of the Act ; and
• (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
• (i) section 104 (3) of the Act ; and
• (ii) section 105 (1) of the Act ; and
• (d) states the total income of the fund.
• (i) residents; and
• (ii) former residents under section 104 (2) or (3) of the Act ; and
• (i) section 104 (3) of the Act ; and
• (ii) section 105 (1) of the Act ; and

sch.5B-sec.15 Expenditure of general services charges fund

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. Subsection (1) (b) (i) does not limit the types of general expenditure that may be listed in the statement as separate line items. In this section— general expenditure means expenditure of the fund other than section 107 expenditure. (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. (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. (sch.5B-sec.15-ssec.3) In this section— general expenditure means expenditure of the fund other than section 107 expenditure.

• (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
• (i) lists, as separate line items, each type of section 107 expenditure; and
• (ii) states the total of the section 107 expenditure; and
• (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
• (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
• (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
• (c) separately state the total expenditure of the fund.
• (i) lists, as separate line items, each type of section 107 expenditure; and
• (ii) states the total of the section 107 expenditure; and
• (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
• (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
• (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

sch.5B-sec.16 Surplus or deficit of general services charges fund

The statement must separately state— the surplus or deficit of the fund carried over from the previous relevant period; and the surplus or deficit of the fund at the end of the financial year.

• (a) the surplus or deficit of the fund carried over from the previous relevant period; and
• (b) the surplus or deficit of the fund at the end of the financial year.

sch.5B-sec.17 Comparisons to amounts for previous relevant period

The statement must state, next to each amount mentioned in section 14 , 15 or 16 , the corresponding amount for the previous relevant period.

sch.5B-sec.18 Form of statement and comparison to corresponding budget amount

The statement must— as close as practicable, be in the same form as the general services charge budget; and state, next to each amount mentioned in section 14 , 15 or 16 (the actual amount )— the corresponding amount in the general services charge budget; and the amount of the difference between the actual amount and the corresponding amount in the general services charge budget.

• (a) as close as practicable, be in the same form as the general services charge budget; and
• (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.
• (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.
• (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.

Requirements for statement of assets and liabilities

sch.5B-sec.19 Application of part

This part states requirements for a statement of assets and liabilities, for a retirement village, mentioned in section 16D (2) (b) of the regulation.

sch.5B-sec.20 Assets

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. 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. (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. (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.

sch.5B-sec.21 Liabilities

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. Without limiting subsection (1) , the section must state, for each liability that is a loan, the reason for the loan. (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. (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.

Accounting disclosure notes

Preliminary

sch.5B-sec.22 Definitions for part

In this part— surplus or deficit means the amount mentioned in— for the capital replacement fund— section 4 (b) ; or for the maintenance reserve fund— section 10 (b) ; or for the general services charges fund— section 16 (b) ; or

• (a) for the capital replacement fund— section 4 (b) ; or
• (b) for the maintenance reserve fund— section 10 (b) ; or
• (c) for the general services charges fund— section 16 (b) ; or

Accounting disclosure notes for annual financial statements

sch.5B-sec.23 Application of division

This division states the accounting disclosure notes that must be included in an annual financial statement under section 16D (2) (c) of the regulation.

sch.5B-sec.24 Accounting disclosure notes for capital replacement fund, maintenance reserve fund and general services charges fund

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. 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. 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. (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. (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. (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.

• (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.
• (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;
• (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;
• (c) if no amounts are paid into or from the fund—an explanation of why no amounts are paid into or from the fund;
• (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.
• (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.
• (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;
• (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.
• (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;
• (b) a note stating the amount of the capital replacement reserve under section 92 (3) of the Act ;
• (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.
• (a) a note stating the amount of the maintenance reserve under section 98 (3) of the Act ;
• (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.

sch.5B-sec.25 Other accounting disclosure notes

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. 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. (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. (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.

• (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;
• (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;
• (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
• (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;
• (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.
• (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.
• (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.
• (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
• (i) has an interest in the entity; or
• (ii) obtains a commission, fee or reward in relation to the supply of the service; or
• (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
• (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
• (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.
• (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.
• (i) has an interest in the entity; or
• (ii) obtains a commission, fee or reward in relation to the supply of the service; or
• (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
• (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.
• (a) a spouse or de facto partner of the scheme operator; or
• (b) a parent, brother, sister or child of the scheme operator, whether the relationship arises by marriage, de facto relationship, adoption or otherwise; or
• (c) a step-parent, stepbrother, stepsister or stepchild of the scheme operator; or
• (d) a member of the same household as the scheme operator.

sch.5B-sec.26 Accounting disclosure note about former resident liabilities

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. 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. (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. (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.

• (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
• (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.
• (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.
• (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.

Accounting disclosure note for quarterly financial statements

sch.5B-sec.27 Application of division

This division states the accounting disclosure notes that must be included in a quarterly financial statement under section 16E (2) (b) of the regulation.

sch.5B-sec.28 Accounting disclosure notes for capital replacement fund, maintenance reserve fund and general services charges fund

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. 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. (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. (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.

• (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);
• (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.
• (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.
• (c) if no amounts are paid into or from the fund—an explanation of why no amounts are paid into or from the fund.
• (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.

Other information to be included in annual financial statements

sch.5B-sec.29 Application of part

This part states other information that must be included in an annual financial statement under section 16D (2) (d) of the regulation.

sch.5B-sec.30 Declarations by scheme operator

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. 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 . 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. (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. (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 . (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.

• (a) the statement has been prepared in accordance with the Act ; and
• (b) the information in the statement is true and correct; and
• (c) the statement was prepared on the assumption the retirement village scheme is a going concern.

Requirements for audit reports

sch.5B-sec.31 Application of part

This part states information that must be included in an audit report, for an annual financial statement, under section 16F (1) (a) of the regulation.