Village budgets, compliance and the general services charge

Village budget

The village budget is a vitally important document which may have a profound effect on life in the retirement village. It is hoped that this paper will help residents and residents committees in the annual budget process and generally improve understanding of the many issues involved.  Read more

Financial statements and village budgets timelines

This document will assist residents committees in managing their financial role regarding financial statements and village budgets provided by the scheme operator.  Read more

Running cost deficit in developing villages

The ARQRV sought legal advice on the following question.

Can you advise whether to your knowledge there is an industry standard procedure that is followed when constructing a new village?  Read more

Guidelines – Classification of Expenditure

This booklet provides guidelines to assist the classification of expenditure in the general services fund, the maintenance reserve fund and the capital replacement fund.  Guidelines (PDF)

General services charges budget compliance check spreadsheet and explanation video

This spreadsheet and accompanying explanatory video will assist in determining if a proposed budget is compliant.

Watch the explanation video

Compliance check spreadsheet (Microsoft Excel)

How GST applies to retirement villages

How GST is applied to supplies made by a retirement village operator depends on the type of living arrangement offered or who is operating it (for example, a charity or a commercial operator).  The ATO website provides the following information – GST and property/Retirement villages.  Read more

General services charges increased by more than CPI

Residents committees need to consider this issue when they are reviewing the draft budget for the upcoming financial year to ensure that it is compliant with the requirements of the Act.  Read more