The long-awaited timeline for implementation of the recent Retirement Villages Act 1999 (Qld) (the RV Act) changes is finally here. This is welcome news, as the uncertainty over timing has been a source of concern for many operators, impacting their operational and strategic decision-making.
The Housing Legislation (Building Better Futures) Amendment Act 2017 (Qld) was passed by the Queensland Parliament on 25 October 2017 and received royal assent on 10 November 2017. As detailed in our previous articles (linked below), this legislation makes major changes to the RV Act. A small number of changes started on 10 November 2017, however the majority will commence on a future date to be fixed by proclamation.
The Department of Housing and Public Works has now released a draft timeline for further consultation with key stakeholders and implementation of the remaining amendments in three stages:
Stage 1: Pre-contractual disclosure, access to documents and reinstatement of units
Consultation period: May 2018 – June 2018
Implementation period: August 2018 – October 2018
Stage 2: Changes in village operations and retirement village contracts
Consultation period: October 2018 – December 2018
Implementation period: April 2019 – June 2019
Stage 3: Standard financial reports and budgets
Consultation period: April 2019 – August 2019
Implementation period: November 2019 – January 2020
While the release of this timeline is welcome, the staged implementation is likely to require multiple updates to operators’ templates. Assuming Stage 1 includes the new disclosure documents intended to replace the Public Information Document, operators will need to make wholesale changes to their documents and procedures later this year.
Retirement village operators should keep up to date with the outcomes of the consultation process and any refinement of the implementation timeframes. We will provide more details as they become available.
For more information on the amendments to the RV Act, our previous articles can be accessed here: