Our extensive participation in the senior living industry means our professionals have the experience and knowledge to assist clients involved in all types of senior living concerns, to fully realise the opportunities available to them.
The National PKF Senior Living Focus Group is part of PKF's on-going commitment to the residential aged care and retirement living industry sector.
Our Focus Group consists of leading PKF professionals who have specific senior living industry expertise. Members of the team are located in offices across Australia, allowing us to deliver our specialised services nationwide.
Through our extensive experience with residential aged care and retirement village clients, PKF senior living sector experts have developed a true understanding of the issues in the industry today, and they work together and share information on the latest trends to ensure that our clients receive the latest information and best possible service. As leading financial experts involved in the senior living sector, they also frequently provide information externally through seminars, industry conferences and publications.
Our experience within the senior living sector encompasses all types of residential dwellings for seniors which operate under prevailing State and Federal legislation. Our clients' businesses are run publically, privately and in the not-for-profit sector, covering the full socio-economic range of living requirements
While all of the National Senior Living Focus Group members have industry specialisation, professionally they are experts across financial service offerings, including, enterprise advisers, outsourcing, taxation, audit & assurance, corporate advisory, corporate advisory and corporate recovery. With a multi-disciplinary team with senior living industry experience and expertise, we are able to offer comprehensive advice across an extensive suite of financial services that meets the potential of the senior living sector. Our core technical capabilities include:
Funding Round Applications
PKF prepares or assists in the preparation of Applications under the Aged Care Funding Rounds. Our expertise in preparing such applications, particularly the Financial Information Section, has resulted in success for a large number of aged care operators.
Financial Management
From our outsourcing experience, PKF has developed significant expertise in financial management of senior living facilities. We have developed standardised financial models for residential aged care and retirement village businesses, which can be tailored to the specifications of individual facilities, and provide for industry benchmarking. Our models focus on matching revenue 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
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 necessary regulations.
Audit
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.
Tax
Through our national Tax Consulting business unit, specialist taxation advice is available to senior living clients on a needs basis, by internal referral, and on an independent consulting basis.
We have a number of clients who operate in the not-for-profit sector to whom we regularly provide business and accounting advice in such areas as FBT and Income Tax - as these relate to these clients’ non-profit status. We are also actively involved in coaching our non-profit clients on a range of GST issues that are particular to them, as well as on their GST compliance and effectiveness of related systems.
Corporate Advisory
PKF has expertise in managing the acquisition and divestment process for senior living businesses. We also have extensive experience in capital raisings and in due diligence investigations to identify the key transaction risk areas. Our industry background means we are able to deal with the numerous operational, regulatory and commercial factors which may arise in these assignments.
For more information Contact Us at one of our PKF offices or download our Retirement Living and Services to the Aged Care Industry brochures. To speak directly to a Senior Living expert, see our profile page.