Making good of deficit
38BF Making good of deficit
A deficit must be made good by the operator of a retirement village.
Except in the circumstances prescribed by the regulations, the operator of a retirement village must not—
carry forward a deficit to a subsequent financial year; or
request from a resident of the retirement village any special additional payment for the purpose of making good a deficit; or
increase, or purport to increase, maintenance charges payable by the residents of the retirement village in any financial year for the purpose of making good a deficit; or
use the whole or any part of the maintenance charges collected by the operator in a financial year to make good a deficit; or
use the whole or any part of the capital maintenance fund for the retirement village to make good a deficit.
The operator of a retirement village must not charge the residents of the retirement village interest in respect of a deficit.
Pt 6A Div. 1B (Heading and ss 38BG–38BO) inserted by No. 19/2025 s. 49.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
- Retirement Villages (Contractual Arrangements) Regulations 2017 · under sections 43, 44A and 44B
- Retirement Villages Regulations 2026 · under sections 43 and 44B
This Act’s bill:Second reading speech
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