What is the purpose of this Community Centre?
The members of the Tamil community in Victoria is a well organised and a closely-knit, vibrant community with many organisations. These organisations cater for the many facets of its social, cultural, educational and commercial activities. However, it does not have a place of its own, an exclusive community space, to cater for the many different activities throughout the year.
This is a glaring absence and it is time for us to move to a higher plane and meet the changing and growing needs of the community.
What are the main features of this Community Centre?
Mainly to provide a hub for the Tamil Community in Victoria for the enhancement of their social and cultural life and to forge a sense of belonging. The main features will be:
- An ethnic Library
- Heritage Centre
- Youth Activities
- Seniors Activities
- Language and Cultural development activities
There is a growing need for “Aged Care Centres” to cater for our Senior Citizens. Why this was not included?
It is an activity to be considered as a business operation on its own and could not be included in this. It is among the list of things to do, but we need to be prudent and take one step at a time
Why Dandenong was chosen to establish this centre?
We have a high concentration of Tamils living in the City of Greater Dandenong, City of Monash and in the bordering Casey and Cranbourne. This trend is growing further with the younger families moving towards the south-east corridor. The property that we bought is in the heart of Dandenong, and central to all these areas. Also, it is of the ideal size to meet our current needs and has been identified as having very high growth potential.
What is the business structure and how is it going to be managed?
- The structure of the business is designed to cater for the Community but at the same time to safeguard the investment and to provide a return to the Investors. The business will be commercially managed.
- The investment vehicle is the “Unit Trust” governed by its “Trust Deed” and administered by the Trust. In this instance the Unit Trust is “Vic Tamil Community Centre Unit Trust” and The Trustee is a Proprietary Limited Company “Vic Tamils Community Centre Pty Ltd”. The Company has been set-up under Australian Corporate Legal Framework, with reputed individuals as the founder Directors.
- Single unit trust ($10) distributed in multiples of 500. The (Investors)” Unitholders”, will have the same rights to income and capital distribution and voting rights at a meeting.
What is there for an Investor (Unitholder)?
The (Investors) “Unitholders” are the beneficial owners of the Assets of the Trust Fund in proportion to their investment and the Trustee manages the property to the beneficial interests of the Unitholders.
How safe is our money, in this investment?
Safer investment and potential for dividend yield
- Investment is in a Property (Bricks & Mortar)
- Potential for Capital Appreciation
- Potential for Dividend yield (for 2017 FY, the return is 5%)
- Annual Performance Report and valuations
- Independent Tax and Compliance audit
- Most importantly, your investment is going to help the entire Tamil Community in Victoria to own their own Community Hub – where the Tamils will meet.
Can I sell these Units, when I want my money back?
Yes, you can. When you want to sell all or part of your holdings, first you will have to offer to the Trustee and the Trustee will facilitate the sale for you.
Is there any restriction on how many Units a person can buy, if so what is that?
Maximum allowed per person is 10 lots of 500 units ($50,000). And 20 lots of 500 Units ($100,000) per family.
Is there a closing date before that we should buy the Units?
There is no closing date but the number available for sale at the issue price ($10) is fixed. Once all the initial Units are sold at the Issue price ($10) thereafter you can purchase from re-sellers at the prevailing (property) valuation price.
How often will the shareholder be paid a dividend?
Dividend calculated quarterly and paid annually
What are the Tax implications?
It depends on your personal circumstances; and you should seek advice from your own Tax advisor.
Can I purchase shares from my SMSF or Company?
The VTCC has no restrictions on this. You are advised to seek advice from your Tax advisor before you make a decision.
How are the Directors appointed for the Trustee Company?
The term of the Current Directors is Three years. After the initial 3 years, they can nominate themselves for re-election or new directors can be elected by the Unit-holders at the AGM.