Original article by Michael Bleby
The Australian Financial Review – Page: 32 : 23-Apr-20
Many companies in the property sector meet the turnover reduction thresholds for the JobKeeper scheme, but their corporate restructure means they may be ineligible. Such companies are split into an operating arm that generates income and a services arm that actually employs their staff, but the turnover test will be applied to each entity separately. These structures are widely used by companies such as retail property managers and student accommodation providers. Operators of retirement villages may also be ineligible for the scheme.
AUSTRALIAN TAXATION OFFICE, PROPERTY COUNCIL OF AUSTRALIA LIMITED, LENDLEASE GROUP – ASX LLC, STOCKLAND – ASX SGP, MERITON APARTMENTS PTY LTD