January 2023 - Update on Post Settlement Progress

Present Position
Following settlement of the sale on Friday the 16th of December 2022, the process has been to strictly follow the Supreme Court orders with due diligence and care. A registered valuer, Herron Todd White, was engaged to carry out valuations to satisfy the requirements of the Court as well as to satisfy the Australian Tax Office in relation to Foreign Residents Capital Gains Withholding (FRCGW) rules. The good news is that the ATO have agreed to reassess the original requirement to deduct 12.5% of all distributions of the sale proceeds under the Foreign Resident Capital Gains Withholding rules, which would have resulted in $5,443,751 being withheld, as advised at the Annual General Meeting on the 29th of October 2022. The current stance is that this deduction will be applied only to apartments valued above $750,000 and we recommended members seek advice from a trusted professional in relation to how this may apply to their individual tax and financial circumstances. The valuer has completed two of three necessary valuations and have advised that by the end of January 2023 all valuations should be complete. The sale proceeds remain held in trust. The distribution to shareholders will be processed as soon as all necessary matters have been finalised.

Present Position

Following settlement of the sale on Friday the 16th of December 2022, the process has been to strictly follow the Supreme Court orders with due diligence and care.

A registered valuer, Herron Todd White, was engaged to carry out valuations to satisfy the requirements of the Court as well as to satisfy the Australian Tax Office in relation to Foreign Residents Capital Gains Withholding (FRCGW) rules.

The good news is that the ATO have agreed to reassess the original requirement to deduct 12.5% of all distributions of the sale proceeds under the Foreign Resident Capital Gains Withholding rules, which would have resulted in $5,443,751 being withheld, as advised at the Annual General Meeting on the 29th of October 2022. The current stance is that this deduction will be applied only to apartments valued above $750,000 and we recommended members seek advice from a trusted professional in relation to how this may apply to their individual tax and financial circumstances.

The valuer has completed two of three necessary valuations and have advised that by the end of January 2023 all valuations should be complete.

The sale proceeds remain held in trust. The distribution to shareholders will be processed as soon as all necessary matters have been finalised.

Prorata Refund of Levies
Pro-Rata Refund of Levy Payments 2022-23 The refunds are being prepared for processing within the next week and will be paid to your nominated bank account.

New Website
New Web Page for Shareholders A new website has been prepared for Voyager Resort Ltd and you, its shareholders, as the sale included transfer of the original website to the new operator. The new website, www.vrltimeshare.com.au, will be used to store previous and distribute new updates and information.