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ARTICLE · 05 SEPTEMBER 2008

Potential Changes To NSW Retirement Villages Act

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The NSW government has introduced the Retirement Villages Amendment Bill which contains a number of changes that will, if passed, have a significant impact on the operation of retirement villages in NSW.

AustraliaReal Estate and Construction
Jamie Motum
Jamie Motum

The NSW government has introduced the Retirement Villages Amendment Bill which contains a number of changes that will, if passed, have a significant impact on the operation of retirement villages in NSW.

One of the highlights of the Bill is a new definition of 'capital gain'.

Defining 'capital gain' is a welcome response to confusion in the industry arising out of the decisions of the NSW Consumer, Trader and Tenancy Tribunal (Tribunal) in the cases of Hayes v Fernbank Developments Pty Limited (2006) and Turner as executors of will of late Lloyd Edgehill Turner (2007). The new definition removes the uncertainty as to how it is determined whether an outgoing resident is entitled to at least 50% of capital gains achieved in respect of their premises, which is integral to their classification as an 'owner' or 'non-owner' under the existing Retirement Villages Act.

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