RETIREMENT VILLAGES ACT 1999 - SECT 6 Meaning of "ingoing contribution"

RETIREMENT VILLAGES ACT 1999 - SECT 6

6 Meaning of "ingoing contribution"

(1) For the purposes of this Act, an
"ingoing contribution" is--

(a) any money payable to the operator under a residence contract, or

(b) any other money, regardless of how it is described, that is paid to the operator of a retirement village in consideration for, or in contemplation of, the person by whom (or on whose behalf) the payment was made becoming a resident of the village, regardless of whether the payment is made in a lump sum or by instalments.

(2) Despite subsection (1), an ingoing contribution does not include any of the following--

(a) a waiting list fee referred to in section 21,

(b) recurrent charges,

(c) if the resident is the registered proprietor of land, the owner of a lot in a strata scheme or the proprietor of a lot in a community land scheme on which the residential premises are located--the purchase price of the land or lot,

(c1) if the person is the owner of shares in a company title scheme that give rise to a residence right in respect of the premises--the purchase price of the shares,

(d) any other payment of a kind prescribed by the regulations.