NSW retirement village operators are now required to provide specific information about their village to NSW Fair Trading.
Background
Having recently passed the Retirement Villages Amendment (Operators Obligations) Regulation 2022, the NSW Government now has the authority to accumulate and publish relevant retirement village information.
NSW Fair Trading state that this new Regulation is “part of the NSW Government’s response to the 2017 Greiner Inquiry into the NSW Retirement Villages Sector, and addresses concerns over the lack of transparency of critical retirement village data needed by the regulator and consumers to make decisions”.
What information is required?
NSW retirement village operators will be required to disclose the following information:
- Name, address and contact details for the retirement village and operator.
- Information about the Residents Committee (if any).
- The number of units.
- Residency type.
- Information about complaints handled internally by the village operator/s.
- Village contracts or pricing.
- Demographic information about residents and staff.
- Any other management and operation details.
When do I have to provide this by?
Operators will be need to provide this information by:
- 30 September 2022 – if the village has been in operation on or before 1 September 2022, or
- At the time of registration of the village – if it was not in operation on or before 1 September 2022.
Operators will also be required to collate and provide their updated information within one month of the end of subsequent financial years.
Risk of penalty and fine for non-compliance
If you do not comply with these requirements you will be exposed to a penalty and also on the spot fines. For corporations, this could mean penalties of up to $11,000 and on the spot fines of $2,200.
What Next? The Portal
In order to assist retirement village operators meet their reporting obligations, the NSW Government has developed an online portal.
To access the portal, please use the following link: retirementvillages.fairtrading.nsw.gov.au.
For further information on how to create an account, navigate the portal and complete the necessary sections, please see the NSW Government’s guide to using the retirement villages portal.
Further Information
If you require further information or would like to discuss how these new reporting requirements might affect you, please contact Rohan Harris from our Corporate & Commercial Advisory team or a members from our Property and Retirement Living team – Rosemary Southgate, Donna Rayner or Sara Hatcher.
If you would like to keep up to date with our retirement living Alerts, Insights and upcoming events, you can subscribe to our mailing list here.
Other useful resources
Key Personnel obligations for all approved aged care providers take effect 1 December 2022
Russell Kennedy Key Personnel
Package of Documents: Russell Kennedy has
developed a range of resources that approved providers can purchase
individually or as a pack to ensure compliance with the new requirements of key
personnel. We have a Key Personnel Suitability Matters Information and
Assessment Form and Guide to assist with gathering and assessing the
information. We have letters and guides for key personnel explaining the
changes, the regulatory context and their key obligations. We have also
developed a template policy, as well as clauses for agreements and contracts.
Download our flyer
here to find out
about the key personnel package, and email rkagedcare@rk.com.au to find out about pricing and to
purchase all or any of the resources available.