Compliance is changing. The Royal Assent of the Retirement Villages Amendment Bill 2024 (Vic) on 3 June 2025 marks a significant shift for retirement village operators in Victoria.
Coming into effect on 1 May 2026, the new legislation introduces direct and ongoing responsibilities for operators around the maintenance, replacement, and financial planning of capital items.
The reforms are part of a broader shift toward consistency and fairness in the sector. For operators, they require a step-change in the way asset data is collected, maintained, communicated and acted on. Done well, this will create greater clarity for residents, reduce friction around costs, and build long-term trust.
These changes aren’t minor. The timeframe gives just enough space to prepare – but not to delay. A rushed response risks gaps, inaccuracies, and costly mistakes.
Here are the four things every operator needs to get right:
Accurate, high-quality asset data
Everything starts with the data. Your asset register underpins your entire compliance response – from capital maintenance plans to AGM reporting.
When was the last time you audited your asset register?
Are you confident it reflects the real condition of your assets today?
Are updates being captured consistently?
Without robust data, meeting your compliance requirements – and maintaining credibility with residents – becomes much harder.
Asset condition must be tracked over time
The new rules shift financial responsibility to the operator. If your budget doesn’t accurately account for repairs or replacements, you’ll need to cover the gap – no special levies or resident cost-sharing.
That means poor planning has direct financial consequences. Any profit you’ve built into your operation can quickly be eroded.
Legislative compliance requires more than an annual review. You’ll need systems that capture changes throughout the year and track condition over time – otherwise, budgets and reports will be flawed.
Fit-for-purpose tools that support repeatable compliance
Do you have a system that can manage asset data dynamically? Can your team update plans and respond to reporting requests easily?
This isn’t a one-off task. Asset management under the new rules needs to be repeatable, scalable, and robust – especially for villages with hundreds of units.
You need a platform that:
Captures degradation over time (not just depreciation)
Tracks changes in real-time
Produces data-driven, clear reports residents can trust
Getting teams comfortable with a purpose-built tool ahead of time will take the pressure off when compliance requirements are enforced.
Transparent, evidence-based reporting
Residents don’t want to read spreadsheets. They want to understand the numbers. They want to see a graph and see that it cost $300K to maintain the village last year, and $320K this year due to inflation and other factors. That makes sense – and it’s stress-free.
By managing assets well and communicating clearly with residents, operators can not only stay compliant but also build stronger, trust-based relationships.
Residents feel more confident because they can see and trust the data behind your plans. That confidence comes from consistently maintained, transparent asset information – managed through our robust, purpose-built platform, AssetFuture and our proven methodology.
Good practice, better relationships
The legislation comes into effect in May 2026. That might feel like a long way away, but reviewing your asset data, evaluating tools, aligning teams, and embedding repeatable processes takes time.
Starting now means you can approach compliance proactively – not reactively – and be confident you’re not only meeting the standard, but creating better operational transparency in the process.
AssetFuture has helped operators in other jurisdictions navigate similar reforms. We’ve helped them meet the legislative bar and go beyond it, using data to build trust and make smarter, more strategic decisions. If you’re preparing for the changes in Victoria, we can help you get ahead. Get in touch today.
With policies now emerging in new jurisdictions, operators across Australia can take advantage of these learnings. There is no need to start from scratch. The systems, templates, and best-practice methods already exist – and they work.