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Accounting and Finance (Page 3)

Finance, Taxation, Insurance and Accounting related articles

In: Accounting and Finance

Contributed By: Resort Brokers on

Management Rights’ industry worth $4.8b in Australia, according to groundbreaking reportManagement Rights contributes a staggering amount to the Australian economy, with $120 billion of accommodation assets under management, according to an industry first report.ResortBrokers today released the Management Rights’ Report 2022 – the only one of its kind in Australia – which examines the vast impact of this accommodation industry sector.The inaugural report is a game-changer for the industry with ResortBrokers utilising its bespoke, back-of-house research system to collect and collate the data from around Australia.Findings by ResortBrokers Research reveal: $4.8b estimated total value of the MR industry 3,679 number of schemes nationally 250,652 numberRead More →

In: Accounting and Finance

Contributed By: Mike Phipps Finance on

“It’s the End of the World as We Know It (And I Feel Fine)”R.E.M., 1987 It has come to my attention dear readers that my most popular missives involve tales of travel and preferably unfortunate events befalling me. So, at great personal sacrifice and to get the inspirational juices flowing I have taken myself off to Switzerland. Well, Switzerland, Italy and France to be precise. That my departure from Australia’s fair shores has coincided with our new prime minister realizing he’s inherited one very poisonous chalice brings me no joy. I guess I can take heart from the miracle of internet news which allows me toRead More →

In: Accounting and Finance

Contributed By: Greg Rankin - Archer Gowland Redshaw on

For Management Rights owners, remaining compliant with governing standards is an essential business and licensing requirement – regardless whether you are a seasoned operator or new to the industry. As operators, your business is required to be audited twice per year in accordance with the Property Occupations Act 2014 and the Agents Financial Administration Act 2014, therefore a lack of systemisation to support this process or failing to identify & rectify mistakes which commonly occur can be a costly & lengthy endeavor. We’ve highlighted some of the common mistakes we come across on Trust Account audits, helping ensure similar issues don’t arise for your business in the future. NotRead More →

In: Accounting and Finance

Contributed By: Mike Phipps Finance on

There’s a bloke in France working on an idea to use commercial passenger jet cargo space for paying guests. Apparently if the idea works, passengers will get some sort of view from a converted loading door and the space will be designated as premium. As cargo bays are pressurised there’s plenty of oxygen so all that needs doing in order to be comfy is some form of temperature control. Cargo bays get a bit cold and moist at 30,000 feet I’m told. I had cause to reflect on all of this previously useless information recently, we’ll get to that ! This year marks an importantRead More →

In: Accounting and Finance

Contributed By: Mike Phipps Finance on

The announcement says it all. Having spent hours in a large aluminium cylinder we are invited to disembark, but please observe appropriate distancing. Face masks at all times, except when eating or drinking, so……..almost never. As always, the great unwashed leap from their seats and do that strange mad scramble to access overhead lockers and then stand stooping for 20 minutes while the air bridge is installed. Some things never change. Anyway, we’ll get to that. A while back I started prowling the house and showing signs of being less than content. As you know gentle readers, I am a man of sunny disposition andRead More →

In: Accounting and Finance, The Management Rights Market

Contributed By: Mike Phipps Finance on

“Now is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning”Winston Churchill 1942. Churchill is of course famous for many an inspirational quote made all the more magnificent by virtue of the circumstances in which he found himself. I suspect somewhat more uplifting and motivating than the dross found on social media these days. Imagine addressing a population facing the existential threat that emerged in Europe in the late thirties and imploring the population to be the best they can be and to speak their own truth. Gimme a break! But, as always,Read More →

In: Accounting and Finance, General Interest

Contributed By: Mike Phipps Finance on

For the third successive year Mike Phipps Finance have taken out the prestigious Onsite Manager’s Industry Excellence Award in Finance. At a gala event in Brisbane the Phipps Finance team were recognised by their peers and the industry as providing a standard of excellence worthy of recognition. “We started 12 years ago with a focus on service and reliability, and we’ve stuck to our plan, despite distractions and the temptations of cost cutting and lowest common denominator strategies” said director and founder Mike Phipps. “This award is particularly gratifying in terms of confirming our business model. We also have a wonderful team without whom theRead More →

In: Accounting and Finance

Contributed By: Mike Phipps Finance on

I read with some amusement that our friends in government have realised that all the disclosure and “lets treat people like idiots” regulations that we now “enjoy” may in fact be very confusing to the average borrower. Lenders are now being told to explain things in simple English and in a manner that is clear, concise and easily understood. Let’s call it a conversational style of communication like the bulletins we have been publishing for years. Given that it’s not unusual for a borrower to receive, inclusive of the Product Disclosure Statements, upwards of 500 pages of information from a bank this seems like aRead More →

In: Accounting and Finance, Legal

Contributed By: Vanessa Sciortino - Nicholsons on

All caretaking agreements will provide for an annual review of the caretaker’s remuneration. Unless there has been a specific change that review will normally be on the anniversary of the commencement date of the agreement.  Remuneration reviews in agreements can be specified to occur by the greater (or lesser) of two methods.  They are most commonly reviewed by a fixed percentage, CPI or market review.  Care should be taken when considering the drafting of the review clauses to ensure they, firstly, work correctly and secondly, that there is sufficient detail included in the review clause  (particularly for a market review clause) which sets out theRead More →

In: Accounting and Finance, Legal

Contributed By: Archer Gowland Redshaw and Vanessa Sciortino on

For our latest episode focusing on the Management Rights industry, Chris Lewis and Smiljan Jankovic (Management Rights Specialist, Archer Gowland Redshaw) host Vanessa Sciortino – Special Counsel, Nicholsons Solicitors. Throughout the episode, Vanessa & Smiljan provide the latest best-practice insights from a legal and accounting perspective involving Management Rights complexes. Across the discussion, each highlight the common issues associated with top-ups & exercising options (and the differences between the two), renewal strategies where a manager may find themselves in a dispute with their Body Corporate, the purchase process including the Body Corporate consent process, whether or not claw-back clauses continue to be relevant, and how best to support new entrants in theRead More →

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