BY 1st JULY 2022, YOU NEED AN ASSET MANAGEMENT PLAN
As part of the Royal Commission into Aged Care Quality and Safety, the NSW Government have made changes to the Retirement Villages Act. All providers are required to create and maintain an Asset Management Plan.
Download our White Paper on the changes to the Retirement Living Act and how to remain compliant with the new laws.
What’s happening?
As a Retirement Living Provider - Caring for your residents has been your priority.
Changes to NSW Government policy means you will need to create a 10-year Asset Management Plan that will need to be kept up to date and refreshed in 3 years. This also includes creating an Asset Register which will also need to be kept up to date, with major items of capital needing to be catalogued within seven days of purchase.
Section 98 of the Act requires you to include capital maintenance in the proposed annual budget. You must also include a 3-year report prepared under clause 19A of the Regulation for capital maintenance extracted from the Asset Management Plan (section 5 of these guidelines). The report will inform expenditure for major items of capital in the annual budget.
It is anticipated that these policy changes will roll out nationally in the future.
This is what we do:
Our customers across Retirement Living, Aged Care, Government and Industry rely upon AssetFuture to effectively deliver these requirements every day. Our technology creates Asset Management Plans instantly, to exacting Government standards.
The good news is that you may already have plenty of data available, in an existing financial or accounting system or a Works Management Tool. If not, don’t worry, we’ll help you fill in any gaps.
Whatever technology systems you’re using, AssetFuture can interface with them.
Benefits of Asset Management Planning:
Transparency
Complete visibility over the entire asset portfolio and Asset Register, enabling a line-of-sight from planning through to operational execution
Enabling the Consumer
Good practice and Government compliance reflects the operator’s focus on duty of care
Efficiency
Utilisation of data to optimise capital expenditure and operations expense decision-making and prioritise spending
What do I need to be compliant?
* Capital Maintenance estimate budget and plan.
For Residential Aged Care facilities, please contact us for specific information and pricing.
Here’s what we do
Contact us for simple Implementation and guaranteed compliant plan outcomes!
*Please contact us for Terms & Conditions for rural, regional and interstate travel and subsistence. Based on a minimum engagement of 300 units.
AssetFuture has iOS and Android Data Capture apps for phone and tablet. Data syncs seamlessly into the AssetFuture Platform creating Asset Management Plans for your facilities.
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