2005

Tax Issues in Building and Operating Retirement Villages

Source: South Australia

Published Date: 7 Sep 2005

 
The income tax and GST treatment of retirement villages is unique and highly complex.

From an income tax perspective the ATO issued Taxation Ruling TR 2002/14 Taxation of Retirement Village Operators on the 28 June 2002 to replace Taxation Ruling TR 94/24. Three years on, retirement village operators and their taxation advisers are in many cases still no closer to clarifying many of the unique tax issues that arise from both these rulings.

The GST issues faced by the industry are also difficult, albeit that the ATO has released a significant amount of information on the topic in recent years. Whilst the ATO has removed the GST uncertainty for non-profits by ensuring their retirement village supplies are GST free the practical difficulties for other operators remain.

The purpose of this seminar was to address these taxation and GST issues and where possible draw on practical experiences over the last three years to provide further guidance.

The seminar also covered the legal issues specific to the industry, including drafting resident documentation in accordance with Taxation Ruling TR 2002/14.

Retirement villages - establishment and operational issues

Author(s): Peter De Cure , Brian Nimmo CTA

Retirement villages - GST issues

Author(s): Kristian Thoroughgood

Retirement villages - legal issues

Author(s): Trevor Edmond

Details

  • Published On:7 Sep 2005
  • Took place at:Holiday Inn Adelaide

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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