Queensland Consolidated Regulations Queensland Consolidated RegulationsThis part states requirements for a statement, for the capital replacement fund, mentioned in section 16D (2) (a) (i) or 16E (2) (a) (i) of the regulation.
The statement must have a section for the income of the fund that—
(a) lists, as separate line items—(i) each amount paid into the fund under section 94 (1) (a) , (b) or (f) of the Act ; and(ii) the total of the capital replacement fund contributions paid into the fund under section 94 (1) (c) of the Act ; and(iii) the total of other amounts paid into the fund; and
(b) states the total income of the fund.
(1) The statement must have a section, titled ‘Quantity surveyor expense items’, that—(a) either—(i) lists, as separate line items, each item of report expenditure; or(ii) does both of the following—(A) lists, as separate line items, each item of report expenditure that is material;(B) states, as a separate line item, the total of any other report expenditure; and(b) states the total of all report expenditure.
(2) The statement must also have a section for other expenditure of the fund that lists as separate line items—(a) the quantity surveyor’s fees for preparing the capital replacement quantity surveyor report; and(b) tax paid on amounts paid into the fund under section 94 (1) (b) of the Act ; and(c) the total of the other expenditure.
(3) The statement must separately state the total of all expenditure of the fund.
(4) In this section—
"report expenditure" means expenditure on capital replacement items recommended in the capital replacement quantity surveyor report.
The statement must separately state—
(a) the surplus or deficit of the fund carried over from the previous relevant period; and
(b) the surplus or deficit of the fund at the end of the financial year.
The statement must state, next to each amount mentioned in section 2 , 3 or 4 , the corresponding amount for the previous relevant period.
The statement must—
(a) as close as practicable, be in the same form as the capital replacement fund budget; and
(b) state, next to each amount mentioned in section 2 , 3 or 4 , the corresponding amount in the capital replacement fund budget.
This part states requirements for a statement, for the maintenance reserve fund, mentioned in section 16D (2) (a) (ii) or 16E (2) (a) (ii) of the regulation.
The statement must have a section for the income of the fund that—
(a) lists, as separate line items, each type of income; and
(b) states the total of the maintenance reserve fund contributions paid by—(i) residents; and(ii) former residents under section 104 (2) or (3) of the Act ; and
(c) states the total of the maintenance reserve fund contributions paid by the scheme operator under—(i) section 104 (3) of the Act ; and(ii) section 105 (1) of the Act ; and
(d) states the total income of the fund.
(1) The statement must have a section, titled ‘Quantity surveyor expense items’, that—(a) either—(i) lists, as separate line items, each item of report expenditure; or(ii) does both of the following—(A) lists, as separate line items, each item of report expenditure that is material;(B) states, as a separate line item, the other report expenditure; and(b) states the total of all report expenditure.
(2) The statement must have a section for other expenditure of the fund that lists, as separate line items—(a) the quantity surveyor’s fees for preparing the maintenance and repair quantity surveyor report for the fund; and(b) tax paid on amounts paid into the fund under section 100 (1) (b) of the Act ; and(c) the total of the other expenditure.
(3) The statement must separately state the total expenditure of the fund.
(4) In this section—
"report expenditure" means expenditure on maintenance or repair recommended in the maintenance and repair quantity surveyor report for the fund.
The statement must separately state—
(a) the surplus or deficit of the fund carried over from the previous relevant period; and
(b) the surplus or deficit of the fund at the end of the financial year.
The statement must state, next to each amount mentioned in section 8 , 9 or 10 , the corresponding amount for the previous relevant period.
The statement must—
(a) as close as practicable, be in the same form as the maintenance reserve fund budget; and
(b) state, next to each amount mentioned in section 8 , 9 or 10 , the corresponding amount in the maintenance reserve fund budget.
This part states requirements for a statement, for the general services charges fund, mentioned in section 16D (2) (a) (iii) or 16E (2) (a) (iii) of the regulation.
The statement must have a section for the income of the fund that—
(a) lists, as separate line items, each type of income; and
(b) states the total of the general services charges paid by—(i) residents; and(ii) former residents under section 104 (2) or (3) of the Act ; and
(c) states the total of the general services charges paid by the scheme operator under—(i) section 104 (3) of the Act ; and(ii) section 105 (1) of the Act ; and
(d) states the total income of the fund.
(1) The statement must—(a) have a section for section 107 expenditure of the fund that—(i) lists, as separate line items, each type of section 107 expenditure; and(ii) states the total of the section 107 expenditure; and(b) have a section for general expenditure that—(i) lists, as separate line items, the following types of general expenditure (whether or not they are material expenditure)—(A) audit expenses;(B) banking expenses;(C) electricity expenses;(D) cleaning expenses;(E) pest control expenses;(F) phone and internet expenses;(G) day-to-day maintenance expenses;(H) scheme operator administration and management expenses;(I) staff salary or wages that are not section 107 expenditure;(J) staff expenses that are not section 107 expenditure.Examples—training costs, membership fees, bonuses(ii) lists, as separate line items, each other item of general expenditure that is material; and(iii) states, as a separate line item, the total amount of general expenditure that is not otherwise included in a separate line item; and(iv) states the total general expenditure; and(c) separately state the total expenditure of the fund.
(2) Subsection (1) (b) (i) does not limit the types of general expenditure that may be listed in the statement as separate line items.
(3) In this section—
"general expenditure" means expenditure of the fund other than section 107 expenditure.
The statement must separately state—
(a) the surplus or deficit of the fund carried over from the previous relevant period; and
(b) the surplus or deficit of the fund at the end of the financial year.
The statement must state, next to each amount mentioned in section 14 , 15 or 16 , the corresponding amount for the previous relevant period.
The statement must—
(a) as close as practicable, be in the same form as the general services charge budget; and
(b) state, next to each amount mentioned in section 14 , 15 or 16 (the
"actual amount" )—(i) the corresponding amount in the general services charge budget; and(ii) the amount of the difference between the actual amount and the corresponding amount in the general services charge budget.
This part states requirements for a statement of assets and liabilities, for a retirement village, mentioned in section 16D (2) (b) of the regulation.
(1) The statement of assets and liabilities must have a section showing the assets of the retirement village as at the end of the financial year.
(2) Without limiting subsection (1) , the section must list, as separate line items, the balance of the bank accounts for the capital replacement fund, the maintenance reserve fund and the general services charges fund.
(1) The statement of assets and liabilities must have a section showing the liabilities of the retirement village as at the end of the financial year.
(2) Without limiting subsection (1) , the section must state, for each liability that is a loan, the reason for the loan.
In this part—
"surplus or deficit" means the amount mentioned in—
(a) for the capital replacement fund†” section 4 (b) ; or
(b) for the maintenance reserve fund†” section 10 (b) ; or
(c) for the general services charges fund†” section 16 (b) ; or
This division states the accounting disclosure notes that must be included in an annual financial statement under section 16D (2) (c) of the regulation.
(1) An annual financial statement must include the following accounting disclosure notes for each of the capital replacement fund, maintenance reserve fund and general services charges fund—(a) for each line item of expected expenditure of the fund that is material expenditure and is made up of more than 1 expense type—a note stating the breakdown, purpose and amounts of expense types forming part of the line item (to the extent not otherwise separately disclosed in the annual financial statement);Example—For a line item for administration and management expenses, the note may list the types of expenses (for example, ‘accounting’, ‘human resources’, ‘web services’, ‘IT support’, ‘other’) and amounts forming part of the line item.(b) if a line item of expenditure of the fund includes a shared expense—a note stating—(i) the other entities, types of entities or purposes for which the expense is expected to be incurred; and(ii) the method used to calculate the portion of the shared expense to be paid from the fund;(c) if no amounts are paid into or from the fund—an explanation of why no amounts are paid into or from the fund;(d) an explanation of any material differences between—(i) the income or expenditure of the fund and the corresponding amount in the fund budget; and(ii) any surplus or deficit of the fund and the corresponding amount in the fund budget.
(2) The statement must also include the following accounting disclosure notes for the capital replacement fund—(a) for each amount received under an insurance policy that was paid into the fund under section 94 (1) (a) of the Act —a note stating particulars of the payment;(b) a note stating the amount of the capital replacement reserve under section 92 (3) of the Act ;(c) a note explaining any material difference between the amount of the capital replacement reserve and the amount recommended in the capital replacement quantity surveyor report.
(3) The statement must also include the following accounting disclosure notes for the maintenance reserve fund—(a) a note stating the amount of the maintenance reserve under section 98 (3) of the Act ;(b) a note explaining any material difference between the amount of the maintenance reserve and the amount recommended in the maintenance and repair quantity surveyor report for the fund.
(1) An annual financial statement must include the following accounting disclosure notes—(a) a note stating the basis for the preparation of the annual financial statement and any accounting standards and principles that the statement was prepared in accordance with;(b) if all or part of the retirement village land is included in a community titles scheme—a note describing the payments made by the scheme operator to, or received by the scheme operator from, the body corporate for the community titles scheme;(c) a note stating the types of interests affecting the retirement village’s property as at the end of the financial year;Examples of types of interests affecting the retirement village’s property—freehold interests in accommodation units, leasehold interests in accommodation units, licences of accommodation units(d) if an interest, mortgage or other charge affects the retirement village’s property other than property in which a resident holds a freehold, leasehold or other interest—a note stating the person entitled to the benefit of the interest, mortgage or charge;(e) a note stating the particulars of any payments that—(i) relate to capital replacement, maintenance or general services for the retirement village; and(ii) were made by the scheme operator to, or received by the scheme operator from, a related party of the scheme operator; and(iii) were not made as part of a transaction at arm’s length for fair value with a party to a residence contract or residential tenancies agreement entered into with the scheme operator.
(2) In this section—
"body corporate" see the Body Corporate and Community Management Act 1997 , schedule 6 .
"related party" , of a scheme operator of a retirement village, means—(a) an entity that supplies goods or services to the retirement village, or residents of the retirement village, if the scheme operator—(i) has an interest in the entity; or(ii) obtains a commission, fee or reward in relation to the supply of the service; orExamples of a service—a general service, a personal service, a utility(b) if the scheme operator is a corporation—(i) a related body corporate of the scheme operator within the meaning of the Corporations Act , section 50 ; or(ii) a related party of the scheme operator within the meaning of the Corporations Act , section 228 ; or(c) if the scheme operator is an individual—(i) a relative of the scheme operator; or(ii) a corporation of which the scheme operator or a relative of the scheme operator is a director, secretary or majority shareholder.
"relative" , of a scheme operator who is an individual, means—(a) a spouse or de facto partner of the scheme operator; or(b) a parent, brother, sister or child of the scheme operator, whether the relationship arises by marriage, de facto relationship, adoption or otherwise; or(c) a step-parent, stepbrother, stepsister or stepchild of the scheme operator; or(d) a member of the same household as the scheme operator.
(1) An annual financial statement for a financial year must include an accounting disclosure note stating—(a) whether or not, as at the end of the financial year, the scheme operator has paid all former resident liabilities for the financial year in full; and(b) if the scheme operator has not paid all former resident liabilities for the financial year in full as at the end of the financial year—(i) the total amount of the former resident liabilities for the financial year that remains unpaid as at the end of the financial year; and(ii) the reason why the amount mentioned in subparagraph (i) has not been paid; and(iii) if, as at the end of the financial year, the scheme operator was unable to pay the amount mentioned in subparagraph (i) —the reasons why the scheme operator is unable to pay the amount.
(2) In this section—
"pay" includes credit the account of another person.
"former resident liability" , for a financial year, means an amount that becomes payable by the scheme operator under section 63 (1) or 63A (3) of the Act during the financial year.
This division states the accounting disclosure notes that must be included in a quarterly financial statement under section 16E (2) (b) of the regulation.
(1) A quarterly statement must include the following accounting disclosure notes for each of the capital replacement fund, maintenance reserve fund and general services charges fund—(a) for each line item of expenditure of the fund that is material expenditure and is made up of more than 1 expense type—a note stating the breakdown, purpose and amounts of expense types forming part of the line item (to the extent not otherwise separately disclosed in the quarterly statement);(b) if a line item of expenditure of the fund includes a shared expense—a note stating—(i) the other entities, types of entities or purposes for which the expense is expected to be incurred; and(ii) the method used to calculate the portion of the shared expense to be paid from the fund.(c) if no amounts are paid into or from the fund—an explanation of why no amounts are paid into or from the fund.
(2) The statement must also include, for each amount paid into the capital replacement fund under section 94 (1) (a) of the Act , an accounting disclosure note stating particulars of the payment.
This part states other information that must be included in an annual financial statement under section 16D (2) (d) of the regulation.
(1) An annual financial statement must include a declaration by the scheme operator as to whether—(a) the statement has been prepared in accordance with the Act ; and(b) the information in the statement is true and correct; and(c) the statement was prepared on the assumption the retirement village scheme is a going concern.
(2) An annual financial statement must include a declaration by the scheme operator as to whether the bank accounts for the capital replacement fund, maintenance reserve fund and general services charges fund have been operated in accordance with the Act .
(3) An annual financial statement must include a declaration by the scheme operator as to whether the scheme operator is able to pay all the operator’s debts relating to the retirement village as they become payable.
This part states information that must be included in an audit report, for an annual financial statement, under section 16F (1) (a) of the regulation.
(1) An audit report for an annual financial statement for a financial year must state whether or not the auditor considers the scheme operator of the retirement village has the capacity, during the next financial year, to meet the liabilities relating to the village as and when they fall due.Note—See also section 16H of the regulation and section 30 .
(2) An audit report for an annual financial statement must state—(a) whether or not the auditor considers the statement has been prepared in accordance with section 113 (1) of the Act ; and(b) if the auditor considers the statement is missing a particular mentioned in section 113 (1) of the Act —the missing particular.
(3) An audit report for an annual financial statement must state—(a) whether or not the auditor considers the statement has been prepared in accordance with section 16D of the regulation; and(b) if the auditor considers the statement has not been prepared in accordance with section 16D of the regulation—the reasons for the non-accordance.