Retirement Villages Act 2012

The operator of a retirement village commits an offence if the operator fails to give the residents of the village a copy of the audited accounts for a financial year for the village within the prescribed time.

An offence against this section is a strict liability offence.

The audited accounts must include—

the following particulars:

details of the income and spending of the retirement village during the financial year, including income and spending of the capital works fund (if any);

details of the balance of the capital works fund (if any);

details of amounts received for insurance claims made in relation to any matter mentioned in section 145 (3) (a) (i) or (ii) (Retirement village to be insured) relating to the retirement village during the financial year;

details of any interests, mortgages and other charges affecting the property of, or forming part of, the retirement village (other than property or premises owned by residents) as at the end of the financial year; and

a statement that—

states whether or not money payable by the operator to former occupants during the financial year was paid in full and on time; and

if any money payable under subparagraph (i) has not been paid—sets out the amount payable, details of the delay and the reasons for the delay; and

contains the matters mentioned in subsection (5); and

includes details of any matters that may prevent the operator from meeting those liabilities; and

any other matter prescribed by regulation.

Subsection (5) applies if the auditor—

is not satisfied that the operator of a retirement village has the capacity, during the financial year immediately following, to meet the liabilities relating to the village when they become due; or

believes that there is considerable uncertainty about an operator of a retirement village’s ability to meet the liabilities relating to the village when they become due during the financial year immediately following.

The audited accounts must include a statement setting out the auditor’s concerns.

The format of the accounts must correspond as closely as possible with the layout of the proposed annual budget.

If the operator operates more than 1 retirement village, the operator—

may give audited consolidated accounts in relation to 2 or more villages; but

when giving the accounts to the residents of a particular village, must include a separate statement of income and spending for that village.

The operator of a retirement village complies with this section if—

the operator—

gives a copy of the accounts to the residents committee for the village; or

if there is no residents committee—displays a copy of the accounts on the common property of the village in the way prescribed by regulation; and

the operator gives a copy of the accounts to a resident who asks for a copy.

This section is subject to section 170.

In this section:

the period prescribed by regulation; or

if no period is prescribed—4 months after the end of the financial year.