360Private

Retirement Village Contracts

Entering a retirement village is a major financial and lifestyle decision.  It is prudent to include your family in the decision to move in to a retirement village.

Retirement villages for the most part offer a fulfilling, communal lifestyle but you need to be aware of some of the key features of the retirement village model, these being;

  • You don’t purchase the bricks and mortar of the retirement village unit, you are purchasing a right to occupy the unit by way of an interest-free loan to the retirement village operator;
  • You do not receive a certificate of title and you will not be noted on the title (which is held by the retirement village operator);
  • You are required to pay an entry fee which is returned to you or your estate less deductions when your tenure comes to an end;
  • You still need to pay a regular maintenance fee (either weekly, fortnightly or monthly) whilst you are living in the retirement village; and
  • Each retirement village has its own residence rules governing the conduct of the residents.

Is a Will a must have or just something your advisors keep telling you that you need? There are a few key points that you should understand around why you may need a Will.

When you pass away you will either have a Will, or not have a Will. If you have a Will then your Estate (a combination of your personal items, bank accounts, property, investments, superannuation etc.) will be administered according to the terms of your Will and pass to the people you have nominated as beneficiaries. If you pass away without a Will it is said that you have died ‘intestate’ and your Estate will instead pass in accordance with the laws of intestacy.

Laws of Intestacy

We would like to take this opportunity to wish you and your family a Merry Christmas and a very Happy New Year! 

We know this has been a difficult year for many individuals and small business – please remember that we are only a phone call away and are happy to assist you with any queries you may have during this time and provide support where needed. 

Our offices will be closed from lunchtime on
Wednesday 23 December 2020 and will re-open on Monday 4 January 2021.  We will be checking our voicemail during this time should you require any urgent assistance.

Warm wishes to you and your family

360Private have a dedicated Audit team supported by qualified and experienced team members who can assist you in navigating complex legislative requirements to ensure that you achieve compliance with all regulatory obligations.  

360Private Audit have extensive experience in auditing many types of organisations and organisational structures in both the profit and not-for-profit sectors.  We will work closely with you and your representatives in order to understand your organisation, its goals and objectives, key risks, operations and financial processes.

We’re committed to providing you with helpful and professional service, so please contact us today to speak to our Audit team today should you have any Audit requirements on 8291 2111.

Tue13Oct2020

The Federal Treasurer, Josh Frydenberg, handed down the 2020/21 Federal Budget on 6th October 2020. The Federal Budget aims to assist job creation, investments and household spending through significant personal income tax cuts, incentives for businesses employing new staff under 35 and immediate write off for any eligible business asset purchases.


Income Tax Cuts

Personal income tax cuts will flow through to more than 11 million taxpayers. The changes are worth an estimated $1,080 per year for people earning between $45,000 to $90,000 and up to a maximum of $2,430 per year for people earning more than $120,000.

In an aim to assist in the COVID recovery around tourism, the South Australian Government has introduced a Tourism Industry Development Fund aimed at supporting and stimulating private sector investment in new and improved regional accommodation, and the development of quality tourism product and experiences.

Through the South Australian Tourism Commission, the State Government is committing $20 million to the Tourism Industry Development Fund over two years to support regional tourism in South Australia. There are two streams in the Tourism Industry Development Fund – Regional Infrastructure Projects, and Regional Product and Experience Development Projects.

Tue08Sep2020

The Australian Government has extended the JobKeeper Payment by a further six months to March 2021. The JobKeeper payment which was originally due to run until 27 September 2020, will continue to be available to eligible businesses (including the self-employed) and not-for-profit organisations until 28 March 2021. In addition, from 03 August 2020 the relevant date of employment will move from 01 March to 01 July 2020, increasing employee eligibility for the existing scheme and the extension.

Support will be targeted to businesses and not-for-profit organisations that continue to be significantly impacted by the Coronavirus. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours.

On the 8th April 2020 the Government legislated the JobKeeper Payment measures to assist businesses impacted by Coronavirus in retaining their employees. The measure has now been further clarified with Treasury issuing an Explanatory Memorandum and Frequently Asked Questions guide, both of which are provided as links below.

Considering your eligibility for the JobKeeper Payment is now even more vital, as State Governments and Federal Governments are using it as the yardstick for which eligibility to other economic relief measures is assessed. For example, the recently announced Code of Conduct for commercial leases and the SA Government Emergency Cash Grants for Small

Controversial South Australian land tax changes were approved and passed by SA Parliament on 28th November 2019. The new bill won the support of both houses after further concessions ensured the backing of the Greens in the upper house.

The reform package delivers $189 million in tax cuts to investors over three years, including tax relief for thousands of smaller family investors. It also slashes the top land tax rate from 3.7 per cent, the highest in the nation to 2.4 per cent. The Government hopes that this will deliver a more competitive, investment-attracting environment for the State, and would drive significant jobs and economic growth.

The government first unveiled the land tax reforms in the June state budget but the initial proposals were heavily criticised by business groups and investors.

360Private is partnering with Ray White Marion and Brighton to present a Property Investment Seminar on Wednesday 28 August.

We invite you to attend and listen to a range of industry professionals who will present the most up to date information on assisting landlords and investors manage their portfolio and also gaining insight into how you can enter the market.

Please see the attached flyer with details of this complimentary seminar and ask you to book your ticket now through EventBrite via the link below, or contact Mel Charters for any assistance or queries you may have on 8291 2111.

https://www.eventbrite.com.au/e/property-investment-seminar-tickets-63616002175

Single Touch Payroll (STP) is an electronic method for employers to provide payroll information to the Australian Tax Office at the same time you pay your employees. This information will include details of salaries, wages, tax withholding and superannuation information. With the STP go-live date looming, the ATO and the Government have been busy releasing information on the practical application of STP in practice.

Below is a summary of some of the key announcements made that may affect you if you are a business that has employees.

As you may be aware Single Touch Payroll (STP) is expected to become a requirement for all employers, regardless of employee headcount, from 1 July 2019.

Employers with more than 20 employees have been required to comply with STP since 1 July 2018, and generally do so using electronic payroll software specifically designed to handle the reporting requirements.

What is Single Touch Payroll?

Single Touch Payroll (STP) is an electronic method for employers to provide payroll information to the Australian Tax Office at the same time you pay your employees.  This information will include details of salaries, wages, tax withholding and superannuation information.

STP provides businesses with opportunities for efficiency, particularly around the end of the financial year.

Financial health check

Whether it be a query about superannuation, investments, insurance, mortgage or any other financial based questions, get 360Private to check on your financial health.

Client testimonials

A very experienced team

The team from 360Private have been providing auditing and financial services to our Group of Companies for over 20 years.

We have remained a client over the duration as there has always been a very experienced team of diligent and reliable specialists available, uniquely qualified to support us in our engagement.

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