With Western Australia’s new asset management obligations expected to commence shortly after the finalisation of supporting regulations, retirement living operators are entering a critical transition. You’ll be required to develop and maintain capital works plans, establish a dedicated capital maintenance fund, and provide residents with regular, transparent updates. But with these new responsibilities comes an important question: does your team have the capacity to manage it all?
The people behind the plans
Operators and village managers are already focused on delivering strong resident experiences. The Retirement Villages Amendment Act 2024 introduces new duties for operators. This involves preparing and reviewing a capital maintenance and capital replacement plan annually, managing a dedicated capital maintenance fund, and providing residents with the plan and supporting financial and budget information before each Annual General Meeting (AGM). This isn’t a minor change. It introduces a new layer of accountability that demands accuracy, transparency, and consistency.
And it's more than administration. It shapes the relationship between residents and operators. When data is incomplete or reporting is delayed, trust suffers. Meeting the legislative bar means enabling your people to work smarter, not harder.
Tech that lightens the load
We can’t all be financial experts, asset managers and maintenance specialists. But with smart systems, we don’t need to be. The right tools bring structure to complex compliance demands, providing real-time insights, robust forecasts, and defensible asset data at the click of a button.
Asset management platforms purpose-built for retirement living can:
Monitor condition and lifecycle trends across all capital items
Automate reporting aligned with legislative requirements
Maintain consistent records across multi-site operations
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 supported by the right system, your compliance processes become repeatable, scalable, and far more manageable.
Assigning accountability
To stay ahead of WA’s legislative changes, now is the time to clearly define internal roles. Who maintains the asset register? Who updates the capital works plan? Who shares information with residents?
Leaving these questions unanswered risks delays or errors once the regulations take effect. Start by auditing your current data, identifying capability gaps, and equipping your team with the systems and support they’ll need to deliver.
Compliance without complexity
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 capital works plans, resident-ready reporting, and tailored training to support your team.
Talk to us about preparing for Western Australia’s new legislative requirements. The earlier you start, the more prepared – and confident – you’ll be.