Transitional provision—Application of Divisions 5 and 6 of Part 5B
67 Transitional provision—Application of Divisions 5 and 6 of Part 5B
On and from the commencement of section 34 of the Retirement Villages Amendment Act 2025, Divisions 5 and 6 of Part 5B apply in relation to a relevant in-going contribution liability as if—
the definitions of capital gain and capital loss in section 3B did not apply to those Divisions and the terms were instead given their ordinary meaning; and
in those Divisions, a reference to—
the payment of an exit entitlement were a reference to the refund of all or part of a refundable in-going contribution within the meaning of section 3 of the old Act; and
a resident were a reference to a resident within the meaning of section 3 of the old Act; and
an owner resident were a reference to an owner resident within the meaning of section 3 of the old Act; and
a non-owner resident were a reference to a non-owner resident within the meaning of section 3 of the old Act.
In this section—
relevant in-going contribution liability means a liability to refund all or part of a refundable in-going contribution after the commencement of section 34 of the Retirement Villages Amendment Act 2025 that—
arose in relation to an applicable residence contract or an applicable management contract before that commencement and that remains outstanding on and from that commencement; or
arises on or after that commencement in relation to an applicable residence contract or an applicable management contract.
S. 68 inserted by No. 19/2025 s. 66.
This Act’s bill:Second reading speech
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