NSW Operators and Financiers Should Review All Existing Contracts with New Legislation Amendments

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‘Retirement Village Amendment Bill NSW Released,’ Mondaq Business Briefing, July 02, 2008.

Reforms to the NSW Act tabled in Parliament last week largely mirror the provisions in the draft release of last November. Critically, however, is the fact that many are retrospective. Scroll to the bottom of this newsletter for more complete detail provided by Gadens, but to summarise:

? The concept of ‘owner’ has been replaced by ‘registered interest holder’
? The definition of ‘capital gain’ has been made for the first time
? The definitions of ‘budget’ have been worked over, as have allocation of funds, recurrent charges and budget shortfalls, to name a few.