While retirement facilities offer attractive lifestyle options, understanding your legal rights is crucial. Unlike traditional home ownership, retirement village residents don't own their units outright but instead operate under an Occupation Right Agreement (ORA). With the Retirement Villages Act now 24 years old, significant reforms are being proposed to better protect residents' interests. Learn what these proposed changes could mean for current and future residents.
While finding talented staff is challenging, retaining them can be even more complex. The good news? You don't need to be a perfect employer - just a fair and reasonable one. Recent Employment Court guidance provides a practical "target" approach to good employment practices, where best practice is the bullseye, but hitting anywhere on the target still counts as fair and reasonable. Learn the golden rules that can transform you into an employer that good employees want to stick with for the long haul.
Fringe Benefit Tax (FBT) has long been a headache for business owners, but proposed changes could bring welcome relief to your compliance burden. The government is considering three key simplifications: a clearer vehicle classification system, exemptions for minor benefits, and streamlined entertainment rules. These changes could significantly reduce the time and effort spent on FBT compliance. With the consultation period open until May 2025, now is your chance to have your say on these proposed changes.
A new financing option could make the transition to retirement living easier. The recently introduced 'Village Access Loan' by one of the banks allows homeowners to borrow up to 50% of their retirement village entry cost, using their existing home as security. This three-year bridging finance gives retirees more flexibility in timing their property sale and securing their preferred retirement village. Find out how this differs from reverse equity loans and what it means for you.
