Following 18 months of co-operative work, the ATO has agreed to assess GST on the net actual sale price of a village rather than the value of the village plus the value of the residents loans being assumed by the ingoing purchaser (the gross basis). The net basis will be valid for developers that rely on ATO Ruling 2004/9. The savings to the industry will be significant. Lachlan Wolfers of KPMG and Geoff Mann of Blake Dawson assisted the RVA in the negotiated outcome. Members of the RVA will be briefed on the benefits.
Exclusive: Aveo to sell off its retirement villages in South Australia and Tasmania
Tony Randello, CEO of the nation’s leading retirement village provider, said the impending sale of its 16 retirement villages in South Australia and Tasmania “aligns with Aveo’s regular strategic review of opportunities across its portfolio”. The...