With Victoria's new asset management requirements coming into effect in May 2026, retirement living operators are facing a pivotal shift. You'll need capital maintenance plans, dedicated maintenance funds, and regular reporting to residents. But with compliance demands growing, how do you ensure your team can handle the extra workload?
The human side of compliance
Village managers and operational staff are already working at full capacity ensuring residents have exceptional experiences and their home is a great place to live.
Now, the new Retirement Villages Amendment Bill 2024 places direct responsibilities on the operator to forecast, maintain and communicate asset-related financials. Under the law, operators must share 12-month maintenance budgets and updated three-year capital plans with residents annually – and be ready to produce updated asset management plans within 21 days, on request.
If your team is already at 120%, where does the extra capacity come from?
Why you need the right system
We can’t all be financial experts, asset managers and maintenance specialists. And we don’t need to be. Irrespective of capabilities and experience, with accurate, current data, technology allows village management teams to focus on their real priorities.
That’s where smart systems come in. Leaning into technology that supports the accurate and reliable delivery of reporting requirements that align with legislation. Having the confidence that with the press of a button you get a current, up-to-date, and accurate asset management plan, ready to share with your residents.
A dedicated asset management platform enable retirement living teams to:
Capture and track asset condition in real time
Generate compliant, transparent reports with a click
Maintain data accuracy, even across multiple villages
Automatically capture maintenance tasks as they're undertaken and capital renewal as it happens
Accurately determine the effective remaining life of assets with a robust framework that allows you to remove subjectivity, get more performance from the assets, and provide a defensible discussion with residents around why assets are being maintained and not replaced.
When compliance is systematised, it becomes scalable, auditable, and less stressful for everyone involved.
Clarifying roles and responsibilities
The new rules require annual disclosure of maintenance charges and capital works plans. That means operators need to clearly define:
Who owns the asset data
Who updates maintenance forecasts
Who communicates plans to residents
If you haven't already answered these questions, now is the time, as this transition will take time. Reviewing asset data, assigning internal responsibilities, and getting staff comfortable with new tools isn't something to leave until last minute. Begin by:
Reviewing your current asset register for completeness
Identifying gaps around data integrity and resourcing needs
Training the team on the system that will underpin your compliance
Assign who will be responsible for collecting and updating the asset registers.
Equip your team for Victoria’s new legislation
You don’t need to become an asset management expert. What you need is a platform that makes compliance simple and a team that feels confident using it.
With AssetFuture, operators can focus on building trust with residents while we handle the complexity of capital planning, asset data management, and structured reporting. Backed by more than 20 years of experience, our platform delivers compliant asset plans, resident-ready reporting, and tailored training to support your team.
Talk to us about preparing your team for Victoria’s new standards. The earlier you start, the more ready you’ll be.