Village budget, compliance and the general services charge
The village budget is a vitally important document and has potential to 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.
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.
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?
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.
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.
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.