The industry has few opportunities for tailoring an effective tax package. The
main benefits revolve around cars, phones and housing if you live on site. But
this option is not popular because it usually means you are on call 24/7.
Some of the rental villages offer accommodation in return for a husband and
wife team working a contracted 38 hour week to manage the village and cook 3
meals every day. The package is around $55-57K. The accommodation is valued
at about $250 per week ($13,000 per year or the equivalent of renting a $250,000
home). The deal is that they are not on call to the residents.
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The Not For Profits do have a special salary advantage. As Tony Stokes
of Mercury in Sydney points out, the Federal Government gives them a tax
break to allow fringe benefits up to $16,045 tax free. This equates to $30,000
before tax so a Not For Profit village manager can get an effective $14,000
bonus over their private counterpart. This fringe benefit will usually be
linked to cars and phones. But you have to spend $308 every week on these
expenses to collect all of it.
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...