While there is general support for residents having a choice between bonds and daily accommodation charges under the user pay principles recommended by the Productivity Commission’s Report there is considerable anxiety and uncertainty as to how this might impact the financial dynamics of operators. In particular shifts from bonds to a daily accommodation charge for places currently categorised as extra service and low care that attract bonds.
While individual situations will vary our modelling shows that there is an inherent financial benefit from the resident’s perspective to pay a bond over an accommodation charge. Read the rest of this entry »
Guild Accountants in conjunction with ACAA-NSW are hosting an informative event into the impacts of the Productivity Commission Report into Caring for Older Australians. To find out more follow this link.
Recent amendments to the Aged Care Act clarify and restrict the way in which operators utilise bonds paid by residents in low care & extra service residential accommodation. The following summary considers the impact of these changes in the areas of; permitted use, opportunities that arise for providers, challenges to existing operating practices and finally how you might respond to ensure you comply with these new requirements. We have included some brief case studies that demonstrate situations where operators will need to review their current operating models. Read the rest of this entry »
Last weeks budget papers contained a 2 ½ page summary of what is potentially the greatest change to be imposed on the Not – For – Profit sector in the last thirty years.
Certain entities that are currently exempt from tax will loose their exemption while others will loose the exemption on some of their activities. While the details will unfold over the next twelve months at this time it is possible to get a feel for what is likely to eventuate. There are three key proposals: -
- Redefining charity
- Reassessing entities currently granted tax exempt status and
- Taxing certain commercial activities of exempt entities Read the rest of this entry »
“A partnership is just like a marriage” or so the saying goes. My observation has been that there can be a lot of emotion that goes into sorting out a partnership that decides to end. Whether the “end” starts out amicably or not, in most cases it soon descends into issues. Read the rest of this entry »
Practice ownership is seen as the pinnacle of a vet’s professional career by many. Once you enter the ranks of ownership you are not only in charge of the health of your patients you are now responsible for the health of your business. In the same way that you approach your care for a patient, practice ownership requires a studied and expert approach. Read the rest of this entry »
For those readers who are not motor racing aficionados, I beg your indulgence, as the central tenet in the following anecdote is really about achieving the very best of outcomes available to you.
At the time of writing this Australian Mark Webber was poised with a chance to become our next Formula One champion, the last being Alan Jones way back in 1980. Not a bad effort for a small town ACT boy who worked incredibly hard for years to rise to prominence on the international stage Read the rest of this entry »
The prospect of buying a childcare centre is an exciting opportunity, but it is also a long-term decision that presents many challenges you need to be prepared for. In the forthcoming months we will cover the key elements to help you make a well-grounded buying decision, and position yourself to achieve your business goals. Read the rest of this entry »