In this Client Alert:
· Serviced Apartments / Unserviced apartments/ Hotels – the hot market for short-term accommodation
· Visas: Data sharing – Australian Taxation Office and Department of Immigration
· Webinar – “Laughter or Loneliness – housing choices in retirement” 23 September 2015 from 1.00-1.45 pm
The supply of Serviced Apartments has grown substantially over recent years, yet occupancy rates are high and tariffs reflect this. There is a growing understanding of the benefits of serviced apartments over traditional hotels, in particular for stays of a week or longer. Price is one reason, but also the extra space, the ability to have meals “at home” – and the associated cost savings, as well as the extra privacy.
Some expect the sector will grow to 30% of the total Australian accommodation market from just 10% in 1999 [ Source www.travelweekly.com.au ].
In addition there has been strong growth in the “unserviced” apartment market – where single fully-furnished apartments are available for stays of one week or longer. Prices are generally lower than for serviced apartments (typically 20-30%, sometimes more) however restrictions offset the cost advantage such as payments in advance, less flexibility with dates, and variable quality of furnishings.
One bedroom apartments are the most common, while the supply of three bedroom apartments is very limited and particularly acute in central locations
Some organisations have allowed their staff to use Airbnb or Stayz, both primarily aimed at the leisure market, when on company business. Others have questioned whether time spent searching, securing, and administering these is a good use of company resources or whether the quality of accommodation sits well with the corporate image they seek. Risk management concerns (eg insurance while in private premises) have also been cited as reasons for avoiding the leisure market.
For more information on short-term accommodation options please contact Liesl Baldock (email@example.com ) or Catherine Wilson (firstname.lastname@example.org ) or on + 61 2 9955 3300.
On 5 August 2015 The Australian Taxation Office announced a Data Matching Program with the Department of Immigration aimed at ensuring, inter alia, that visa holders and their sponsors comply with their obligations to pay tax in Australia. Potential risk areas for employers include overseas domiciled sponsors of 457 visa holders, and Australian-domiciled sponsors that are subsidiaries of overseas corporations, for example with payrolls for which some part is paid overseas.
In addition the taxation affairs of sponsored employees can also be expected to be checked.
We recommend sponsoring organisations obtain appropriate tax advice.
For more information or to discuss any Visa matter please contact Susan Stinson, Manager, Visa Services at email@example.com or +61 2 9955 3300.
Increasingly, busy corporate executives with elderly family members are challenged to find the time to support them as they would like. Where to live in retirement can be a vexing issue .
A webinar run by Retirelocate with The Professional Super Advisers will consider critical questions such as:
• When is the right time to consider retirement housing ?
• What are the options ?
• What are the financial implications ?
Please forward this to staff in your organisation with family members for whom this may be relevant.
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