Retirement Village Operators: Are you ready for a change in regulations?
In NSW, all operators of retirement villages must prepare and keep up-to-date an asset management plan that complies with the Retirement Villages Act 1999 and the Retirement Villages Regulation 2017.
These regulations will soon become standard for all Australian states, are you prepared?
Click here to see what the plan must include:
- 1. An Asset Register of the village’s major items of capital, including information about the effective life of items of capital.
- 2. A maintenance schedule of the village’s major items including tracking maintenance and repair of each asset.
- 3. Operators must also prepare a three-year report for capital maintenance extracted from the asset management plan to inform expenditure for the annual budget.
- NSW Requirements: https://www.fairtrading.nsw.gov.au/housing-and-property/retirement-villages/asset-management-plans