The Tax Office lost its battle in the Federal Court on a ruling that charities can basically run any business and pays no tax on profits as long as they use those profits entirely for the charity or religion they represented. This means that they can run any business they like, as profitably as they like, without a tax bill. This can include retirement villages but also businesses associated with villages such as medical practices or travel agencies, as examples.
Mergers & Acquisitions
Brookfield sells retirement village operator Aveo for $3.85B
Brookfield Asset Management, a leading global alternative asset manager headquartered in New York with over US$1 trillion of assets under management, has agreed to sell its retirement living platform, Aveo, to The Living Company for A$3.85 billion...
