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Unravelling Structuring and Taxation Mysteries of Retirement Villages and Nursing Homes

Published on 14 Jun 2006 | Took place at Rydges Riverwalk, Richmond, VIC

The retirement village and nursing home industry is growing rapidly, with the pace likely to accelerate as baby boomers grow old and need care.

Already a complex web of laws, regulations, ATO pronouncements and transitional rules have developed which need to be understood by anyone advising in this area.

These materials will help taxation advisers and industry participants, including retirement village and nursing home operators, trying to unravel some of the complexities which surround the structuring, development, ownership, management and sale of retirement villages and nursing homes. They not only address the challenges but also the planning and other opportunities which exist.

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Individual sessions

GST traps and opportunities within the retirement villages and nursing homes industry

Author(s):  Ken CLAUGHTON

This paper covers the following:

  • GST classification of retirement village and nursing home supplies to residents
  • entitlement to input tax credits during construction of retirement villages and nursing homes
  • adjustment of input tax credit claims on change of use or on sale
  • watch-out - acquisition of retirement village or nursing home as a GST-free supply of a going concern - Division 135 increasing adjustment
  • watch-outs - retirement village and nursing home structures leading to inequitable GST results.
This paper was also presented by Heath Shonhan at the 'Retirement Villages: Understanding the tax implications' seminar held in Brisbane on 25 October 2006.
Materials from this session:

Retirement villages and nursing homes - income tax aspects

Author(s):  Matt BIRRELL

This paper covers the following topics:

  • types, treatment and the ATO's views on resident contracts
  • treatment of deferred management fees
  • capital versus revenue distinction and the importance of the characterisation
  • transitional issues arising from ATO Taxation Ruling 2002/14 compared to Taxation Ruling TR94/24
  • the practical impacts and difficulties of tax consolidation in the industry
  • taxation implications arising from IFRS and the proposed Taxation of Financial Arrangements Bill applying to the industry.
Materials from this session:

Legal structuring of retirement villages and nursing homes

Author(s):  Steven SMITH

This paper covers the following topics:

  • what are retirement villages and nursing homes?
  • what are the different ownership structures and why?
  • legal challenges facing the retirement village and nursing home industry
  • overview of the industry and its future.
This paper was also presented by Tim Longwill at the 'Retirement Villages: Understanding the tax implications' seminar held in Brisbane on 25 October 2006.
Materials from this session: