The Retirement Villages Amendment Act 2025 (RV Amendment Act), which amends the Retirement Villages Act 1986, has been passed but is not yet in force. It must, however, commence no later than 1 May 2026. Until it is proclaimed, many of the key details such as, the new standard form contracts, prescribed forms, 10 year capital maintenance plan requirements, emergency planning requirements and rules for aged care and alternative accommodation payments, will be set out in new Regulations. Now is the time for operators to begin preparing for these changes. What's happening now? The RV Amendment Act is final, but not yet in force. Commencement of the changes must take place by 1 May 2026, which is when we also expect the new Regulations to commence. However, we anticipate that there will be a transition period for compliance. The RV Amendment Act introduces a new rights-based framework and many changes to the disclosure of information requirements, fees, contract terms, village operations and dispute resolution and other matters. You can read a summary of some of the more significant changes introduced by the RV Amendment Act in our previous Victorian Retirement Villages Reforms Alert here. The Department of Government Services is actively consulting with stakeholders on the content to be addressed in the new Regulations, which have not yet been finalised. A mandatory Code of Practice is expected to be developed later this year in consultation with the sector and stakeholders. We anticipate a draft of the new Regulations, templates and forms will be released for public comment before the end of the year. While this has not been publicly confirmed we believe this estimated timeframe to be consistent with the process trajectory for implementing the changes. Key features still to be determined and addressed by the new Regulations include: The Information Statement form (to be approved by Consumer Affairs Victoria) (which will replace the current factsheets and disclosure statements). The form of the premises condition report to be given to non-owner residents prior to entry. The new standard form(s) of residence contracts and management contracts which operators will need to adopt for new residents. The annual contract check form (to be approved by Consumer Affairs Victoria) which operators must give to residents summarising the resident’s obligations upon vacating the unit, payments due from the resident, a reasonable estimate of the unit sale price and their exit entitlement. Requirements to be imposed on operators regarding the maintenance and replacement of ‘items of capital’, including clarification of what constitutes an item of capital. Operators will be responsible for the costs of replacement of items of capital. The prescribed information to be addressed in a 10 year capital maintenance plan to be prepared by operators . The prescribed forms of emergency plan and safety inspection reports (if any). Details of the new aged care and alternative accommodation payment requirements including the form of request (to be approved by Consumer Affairs Victoria), the payments to be funded and the exit entitlement threshold. What operators should do now to prepare Review disclosure practices to ensure readiness to adopt the new Information Statement once released and publish it on your village website. Audit your current residence and management contracts to identify areas likely to require amendment once the new standard forms are released. Assess current processes to carry out premises inspections prior to a non-owner resident’s entry into the village to enable you to provide a condition report once the new form is released. Assess internal processes and establish systems that will enable you to provide annual contract checks including tracking and record-keeping processes. Review your financial modelling ahead of the changes to the method for calculating deferred management fees, exit entitlement repayment timeframe, capital replacement obligations, maintenance charge cessation and treatment of operating surpluses and deficits. This will require the modification of many retirement villages’ financial models. Consider how your operating budgets may need to change to budget for capital maintenance, noting it is still unclear at this stage as to whether internal fixtures and fittings (inside units) will be excluded. Begin compiling internal data about the village assets in preparation for the release of the 10 year maintenance plan requirements. Continue to monitor Consumer Affairs Victoria’s website for the release of the new Regulations and calls for submissions and make submissions to influence the content of the new Regulations. How we can help If you would like assistance preparing for the legislative overhaul coming in 2026 or guidance with actioning any of the above requirements, please contact Donna Rayner, Jessica Kinnear and Kathryn Elleman from our Retirement Living team. If you would like to keep up to date with our retirement living Alerts, News and Insights you can subscribe to our mailing list here.