The final amendments to the Retirement Villages Act 1999 (Qld) commenced on 11 November 2019, which means the following changes to the Act are now in force:
- A new process applicable to a proposed redevelop of a retirement village;
- A new process applicable to a proposed transition or handover of the retirement village to a new scheme operator;
- A new process applicable to the closure of a retirement village;
- Introduction of new approved forms which apply to the redevelopment, transition or closure of a retirement village;
- New rules for standard form retirement village contracts; and
- New requirements for financial statements and budgets to be in an approved form.
Introduction of the amendments
Queensland retirement village scheme operators will no doubt be familiar with the Housing Legislation (Building Better Futures) Amendment Act, which was assented to in 2017 and introduced a significant number of changes to the Retirement Villages Act.
These changes included the introduction of the Village Comparison Document and Prospective Cost Document and the new compulsory buy-back rules, among other things. However, many of the changes to the Retirement Villages Act were not due to commence until a later date – for example, the new transition and redevelopment processes.
This date has now come and the final amendments to the Retirement Villages Act have now commenced. Scheme operators should ensure they are familiar with these changes as they affect the process of redeveloping, selling or closing a retirement village in Queensland.
The approved forms for the redevelopment, transition and closure plans are available online on the website of the Department of Housing and Public Works.
Further approved forms
The Department has not yet finalised all of the approved forms referred to in the amendments to the Retirement Villages Act. For example, the forms for the standard form retirement village contract, and financial statements and budgets have not yet been approved.
A provision in the Retirement Villages Act that requires a document to be in an approved form will not apply if the Department has not yet released the relevant approved form. Scheme operators should therefore familiarise themselves with the forms that have been approved, as well as which forms are yet to be released.
For further information on the changes to the Retirement Villages Act, please contact our Aged Care and Retirement Villages team at CRH Law on 07 3236 2900.