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

### 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.