Through extensive experience with Aged Care industry clients across Australia, PKF has developed a true understanding of the issues in the aged care industry today.

To service the potential of this sector, PKF has developed a nationally co-ordinated approach, by forming a focus group of industry experts drawn from several of our State practices. Each office in turn, has a multi disciplinary team, offering a comprehensive advice to our Aged Care clients.

To ensure we deliver the most up-to-date and accurate advice, our Aged Care group shares knowledge and expertise in particular technical areas. We take a national approach to communications and external information provision via seminars, industry conferences, publications and contributing to editorial in the media.

PKF’s experience in the Aged Care Industry encompasses all types of residential dwellings for seniors, which operate under prevailing State and Federal legislations. Our clients businesses are run both privately and in the not-for-profit sector, covering the full socio-economic range of seniors living requirements. They comprise:    

Retirement Villages Resident funded Not for profit Independent living Serviced apartments Co-located operations All types of occupancy and service contracts User pays services Supported community environments

Nursing Homes Private Not for Profit Low care/bonds High Care Dementia specific Extra services Co-located/ageing in place Community outsource services Respite centres

Our core technical capabilities include:

Outsourced Accounting Services
PKF offers “back-office” services to operators who wish to outsource their commercial accounting functions. These include:

• Payroll Processing
• Resident/Government Debtors
• Creditors
• Accommodation bonds maintenance
• Asset ledgers
• Tax compliance – GST and BAS preparation, Payroll tax
• General ledger
• Management accounts
• Complying General Purpose Financial Statements.

By partnering with accredited care management consultants, PKF’s Outsourcing division provides comprehensive outsourced solutions to residential aged care facility management.

Financial Management
From our Outsourcing experience, PKF has developed significant expertise in financial management of aged care facilities.

We have developed a standardised financial model for seniors living, which can be tailored to retirement villages or nursing homes, and provides for industry benchmarking.

Our model focuses on matching of revenues with expenditures using:

• Comprehensive financial modelling
• Specialised charts of accounts
• Regular reviews of the revenue cycle
• Labour cost management tools
• Cost control by cost centre including user pays services
• Budget/Actual reporting and analysis
• Benchmarking comparisons.

General Accounting and Tax Compliance Services
Where our clients have internal resources to cover day to day financial management, our services are often engaged to provide compliance and specialised accounting services.

These services are drawn from our core capabilities as a full service accounting firm, and are tailored to meet the clients’ industry specific requirements.

• Preparation of Special Purpose or General Purpose Financial Statements
• Preparation of Tax Returns
• Cash flow preparation
• Assistance with finance applications
• Budget preparation
• Business plan preparation
• Feasibility modelling
• Salary packaging advice.

Regulatory Compliance
PKF has significant experience in compliance with the Aged Care and Retirement Villages Legislation and is in regular contact with the regulators, industry bodies and legal and other consultants who specialise in the industry.

This means we are able to provide up to date pro-active advice on compliance with the regulatory burden which operators are faced with.

Audit services
Whether your audit is a statutory requirement under the Corporations Act, a requirement under the Aged Care Act, or for compliance with your Constitution,
our internationally developed PKF Audit Approach, delivers independent audit services of the highest standards and reliability.

Forming part of our core capabilities as a national and international chartered accounting firm, our audit methodologies deliver cost efficient services, using
Up-to-date technology and software in the performance of all fieldwork.

Tax Consulting Services
Appropriate structuring into the right tax vehicle is critically important to the management of taxation liabilities throughout the life of any business.

Similarly, taxation implications associated with significant transactions, require specific advice, that is responsively delivered.

Through our national tax consulting divisions, specialist taxation advice is available to Aged Care clients on a needs basis, by internal referral, and on an independent consulting basis.
Areas of specialisation include:

• Income tax
• Consolidations
• Capital gains tax
• GST
• FBT
• State based taxes eg payroll tax
• Entity structuring for syndicated investment
• Retirement and Superannuation
• R&D.

Corporate Advisory services
PKF has expertise in advising both purchasers and vendors of aged care businesses regarding the numerous operational, regulatory and commercial factors which arise.

Some of the key advisory services include:

• Aged care business valuations
• Financial due diligence on acquisitions and capital raisings
• Forecast reviews
• Transfer / purchase of bed places
• Review and negotiation of contracts
• Management of purchase/sale
• Applications for finance.

PKF Corporate Advisers Pty Limited (“PKFCA”) is the AFS licensed corporate advisory division of the firm specialising in providing advice in relation to corporate valuations, acquisitions, divestments, private equity raisings and initial public offerings.

Funding Round Applications
PKF has prepared or assisted in preparing Applications under the Aged Care Funding Rounds. Our expertise in preparing such applications, particularly the Financial Information Section, has resulted in success for a number of aged care operators.

Non Profit Sector Expertise
We have a number of clients who operate in the non-profit sector to whom we regularly provide business and accounting advice. Such areas include FBT, GST and Income Tax - as it relates to these clients’ non-profit status.

We are also actively involved in coaching our charity clients on a range of GST issues that are particular to them, as well as advising on their GST compliance and effectiveness of related systems.

See our publications for more information
 Retirement Living 
 Services to the Aged Care Industry