Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p7
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 7/29)
Character Range: 64316–67578

set out in Division 8 of Part 2 of Schedule 10.
              (3) The responsible entity for the scheme may replace any of the following defined words or expressions used in Part 2 of Schedule 10 with a corresponding word or expression used by the responsible entity in relation to the scheme:
                  (a) allocation points-based program;
                  (b) interval-based program;
                  (c) PAYG membership;
                  (d) PAYG points;
                  (e) PAYG points-based program;
                  (f) point;
                  (g) point-based program.";
           (2) omit Schedule 10 to the Regulations, substitute:

           Schedule 10—Disclosure of Fees and Other Costs

           (regulations 7.9.16K – 7.9.16O)
           Part 1—Interpretation
              101 Definitions
              In this Schedule:
              accommodation usage fee means a fee or cost that a member of a registered time-sharing scheme may incur to use scheme accommodation in:
                  (a) the way that is disclosed in the Product Disclosure Statement for the scheme; or
                  (b) a way that a reasonable person would expect scheme accommodation could be used based on advertisements or other promotional material for the interest in the scheme;
              but does not include a cost:
                  (c) that is prominently disclosed as an optional additional cost in a Product Disclosure Statement for the scheme; or
                  (d) that is paid or payable out of the levies for the scheme;
                       Example 1: Fees or costs for housekeeping or cleaning services that are usually charged to the member for accommodation bookings is an accommodation usage fee.
                       Example 2: The cost of membership of an exchange company that may be acquired if the member elects to become a member is not an accommodation usage fee.
              allocation points-based program, in relation to a registered time-sharing scheme, means a points-based program where a person:
                  (a) becomes a member of the scheme by purchasing a specified number of points in relation to the scheme; and
                  (b) as a member of the scheme is entitled to be issued with a recurrent right to use scheme property in the form of a periodic allotment of points for:
                     (i) the duration of the scheme; or
                     (ii) a specified term of not less than 3 years.
              budget means the estimated and itemised material expected income and expenditure for a scheme for a financial year or calendar year.
              establishment fee means an amount paid or payable for the establishment of a person's membership of a registered time-sharing scheme that is in addition to the purchase price for the interest in the scheme.
              finance application fee means an amount paid or payable by an applicant to enter into a financing arrangement for an interest in a registered time-sharing scheme.
              financing arrangement means an arrangement under which:
                  (a) financial accommodation is provided by a person in connection with an applicant's acquisition of an interest in a registered time-sharing scheme; and