The NSW Government has released its discussion paper on proposed reforms to exit entitlements and a cap on recurrent charges in line with its election commitment to do so. You can find the paper here.
The purpose of the discussion paper is to seek feedback from the retirement village sector about the proposed reforms. Submissions on the discussion paper close at 5 pm on 16 August 2019.
The proposed reforms seek to remove any distinction between registered interest holders and non-registered interest holders in the context of exit entitlement payment timeframes and liability for recurrent charges after the resident permanently vacates.
NSW Retirement Villages – Proposed reforms to exit entitlement timeframe and recurrent charges cap