Ed Wexler |
Showing posts with label taxation. Show all posts
Showing posts with label taxation. Show all posts
Sunday 4 October 2020
President Trump's Finances: living on borrowed money and avoiding income tax
The
New York Times,
27 September 2020:
The
Times obtained Donald Trump’s tax information extending over more
than two decades, revealing struggling properties, vast write-offs,
an audit battle and hundreds of millions in debt coming due.
Donald
J. Trump paid $750 in federal income taxes the year he won the
presidency. In his first year in the White House, he paid another
$750.
He
had paid no income taxes at all in 10 of the previous 15 years —
largely because he reported losing much more money than he made.
As
the president wages a re-election campaign that polls say he is in
danger of losing, his finances are under stress, beset by losses and
hundreds of millions of dollars in debt coming due that he has
personally guaranteed. Also hanging over him is a decade-long audit
battle with the Internal Revenue Service over the legitimacy of a
$72.9 million tax refund that he claimed, and received, after
declaring huge losses. An adverse ruling could cost him more than
$100 million.
The
tax returns that Mr. Trump has long fought to keep private tell a
story fundamentally different from the one he has sold to the
American public. His reports to the I.R.S. portray a businessman who
takes in hundreds of millions of dollars a year yet racks up chronic
losses that he aggressively employs to avoid paying taxes. Now, with
his financial challenges mounting, the records show that he depends
more and more on making money from businesses that put him in
potential and often direct conflict of interest with his job as
president.
The
New York Times has obtained tax-return data extending over more than
two decades for Mr. Trump and the hundreds of companies that make up
his business organization, including detailed information from his
first two years in office. It does not include his personal returns
for 2018 or 2019. This article offers an overview of The Times’s
findings; additional articles will be published in the coming
weeks…...
Read
the full article here.
Labels:
corruption,
Donald Trump,
taxation
Wednesday 5 August 2020
Things you might have missed in the daily news
Financial
Review, 3 August 2020:
Taiwanese
lender Yuanta Securities Investment Trust has sold $27 million worth
of bonds in Adani's Abbot Point coal terminal in Queensland, joining
a rapidly expanding list of Asian and global
lenders that have shunned the controversial project.
Yuanta
was once the second-biggest investor in one of the project's bond
issuances, holding more than 5 per cent of a $US500 million issuance
due to expire at the end of 2022….
According to an ABC News artilce published on 31 July 2020, a senior federal Border Force officer allowed 2,700 people to disembark the Ruby Princess cruise ship mistakenly believing passengers had tested negative to COVID-19, when they had instead tested negative for the common flu.
Border Force command only realised the mistake more than 30 hours after passengers — including 13 who had been isolated in their cabins with fever — had left the ship.
The Ruby Princess COVID-19 cluster resulted in at least 662 infections and 21 deaths, the single biggest arrival of coronavirus on Australian shores.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
According to an ABC News artilce published on 31 July 2020, a senior federal Border Force officer allowed 2,700 people to disembark the Ruby Princess cruise ship mistakenly believing passengers had tested negative to COVID-19, when they had instead tested negative for the common flu.
Border Force command only realised the mistake more than 30 hours after passengers — including 13 who had been isolated in their cabins with fever — had left the ship.
The Ruby Princess COVID-19 cluster resulted in at least 662 infections and 21 deaths, the single biggest arrival of coronavirus on Australian shores.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The
Market Herald, 23 July 2020:
- The Chinese navy has confronted Australian warships in the South China Sea en route to a military exercise with Japan and the U.S.
- Five ships, lead by HMA Canberra, were travelling through disputed waterways when they encountered the Chinese military
- The Joint Task Force was heading to the Philippine Sea at the time, where it planned to conduct military movements ahead of the biennial RIMPAC conference
- The exercise aimed to increase interoperability between the Australian, American, and Japnese navies, but came amid increasing tensions between the U.S. and China over territory in the South China Sea
- Speaking to the encounter, the Department of Defence said all "unplanned interactions with foreign warships throughout the deployment were conducted in a safe and professional manner"….
Next
month, all three navies will head to the biannual Exercise Rim of the
Pacific (RIMPAC) in Hawaii — the biggest global maritime warfare
activity.
However,
in 2018, China invitation to RIMPAC was withdrawn based on its
'aggressive' territorial claims in the South China Sea.
It's
understood China won't participate in this year's RIMPAC event
either.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The
Daily Telegraph,
1 August 2020, p.27:
The
crowd pleaser
With
world-famous surf breaks, natural springs and coastal charm, Yamba is
the beach break you never knew you needed.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
'Eve Black' dramatically arrested in Melbourne week after she filmed hersel laughing her way through a Bunyip Victoria police checkpoint. She was detained around 2pm on 29 July in arrest that forced police to smash her car window. Now facing up to $10k fine [News Corp 31.07.20]— no_filter_Yamba (@no_filter_Yamba) August 1, 2020
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
According
to recently released Australian
Taxation Office data, in the 2017-18 financial year the amount of
tax paid in main urban areas went as followed in the NSW Northern
Rivers region:
- Grafton postcode 2460 – 14,500 individuals paid $117.32 million.
- Kyogle postcode 2474 – 3,336 individuals paid $24.66 million
- Ballina postcode 2478 – 15,690 individuals paid $186.06 million
- Lismore postcode 2480 – 24,989 individuals paid $207.96 million
- Byron Bay postcode 2481 – 9,050 individuals paid $114.50 million
- Tweed Heads postcode 2485 – 7,709 individuals paid $66.43million
- Tweed Heads postcode 2486 – 17,127 individuals paid $150.65 million.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Former PM Tony Abbott, Alan Jones & George Pell ate at an exclusive club days before a staff member tested positive for COVID-19 [Daily Mail 01.08.70]. So were these men guests of a member. Or has the Australian Club sunk so low that it would now accept one this trio as a member?— no_filter_Yamba (@no_filter_Yamba) August 2, 2020
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
ABC News, 4 August 2020:
A growing group of anti-maskers have been "baiting" and antagonising Victorian police, and in one instance smashed the head of a female officer into concrete until she was concussed, authorities say.
Police said two female police officers approached a 38-year-old woman, who was not wearing a face covering, in the Frankston area last night.
After questioning the woman about why she was not wearing one, police allege she pushed one officer and struck the other in the head.
"After a confrontation and being assaulted by that woman, those police officers went to ground and there was a scuffle,"
Victoria Police Chief Commissioner Shane Patton said.
"During that scuffle, this 38-year-old woman smashed the head of the [26-year-old] policewoman several times into a concrete area on the ground."
Police said the constable was taken to Frankston Hospital with "significant head injuries".
The woman's alleged assault left the young police officer with a concussion and a missing clump of hair, Police Association of Victoria secretary Wayne Gatt said.
"The offender had a clump of our member's hair in her hands and said to our member 'what's it like to have your hair in my hands' or words to that effect," he said.
"That's just horrible conduct — it's not human-like to be quite honest."
Police have charged the alleged attacker with nine offences, including two counts of assaulting an emergency worker and one count of recklessly causing injury.
She had no previous criminal history and was granted bail to appear before the Frankston Magistrates' Court on March 31, 2021....
Chief Commissioner Patton said in the past week police had seen a trend of people calling themselves "sovereign citizens" who "don't think the law applies to them".
"We've seen them at checkpoints baiting police, not providing a name and address," he said.
"On at least four occasions in the last week, we've had to smash the windows of cars and pull people out to provide details because they weren't adhering to the Chief Health Officer's guidelines, they weren't providing their name and address."
Chief Commissioner Patton said in the past week police had seen a trend of people calling themselves "sovereign citizens" who "don't think the law applies to them".
"We've seen them at checkpoints baiting police, not providing a name and address," he said.
"On at least four occasions in the last week, we've had to smash the windows of cars and pull people out to provide details because they weren't adhering to the Chief Health Officer's guidelines, they weren't providing their name and address."
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Thursday 28 May 2020
Morrison Government's political backers have spoken and plans for biosecurity levy are abandoned
ABC
News,
20
May 2020:
After
more than a year of lobbying by cement, minerals and freight industry
groups, the Federal Government has abandoned a promise that would
raise hundreds of millions of dollars to protect Australian farmers
from pests and diseases.
In
2018, Federal Agriculture Minister David Littleproud announced the
Government would raise $325 million over three years through a
biosecurity levy.
The
Budget outlined a proposed $10.02 biosecurity charge per 20-foot
container, and a $1 per tonne levy on bulk imports coming via the sea
to be imposed from July 1, 2019, with the funds raised used to detect
and screen for exotic pests and diseases.
The
2019 Budget saw that deadline postponed until September 2019, but
legislation for the levy was never introduced.
In
a statement on Wednesday, the Department of Agriculture Water and
Environment said the levy could not be implemented without
significant impacts on industry and proposed levy payers.
"A
levy will not be progressed and this decision will not impact on the
overall biosecurity budget," it said.
The
statement thanked the industry working group that consulted on the
levy, and said the decision had been made "in consideration of
the impact of drought, bushfires and COVID-19 on the economy"….
The Cement Industry Federation was part of a consortium of industry groups including the Minerals Council of Australia, Australasian Railway Association, Australian Chamber of Commerce, Manufacturing Australia, the Australian Logistics Council, and Gas Energy Australia that rejected the proposed levy....
The
levy on freight was first proposed by a review of Australia's
biosecurity services in 2017, which found widespread agreement that
biosecurity was underfunded in Australia.
The
decision not to introduce the levy comes as Australian farmers face
uncertain trading conditions following years of drought and recent
pest incursions, which could cost industry hundreds of millions of
dollars.
This
year alone, Australian farmers have found new worrying detections of
the fall armyworm and banana-destroying Panama disease, while
Queensland prawn farmers expected to lose millions to an outbreak of
white spot disease.
Meanwhile,
the pork industry still fears it could experience an outbreak of the
pig-killing African Swine Fever.
The
disease spread through Asia, wiped out a quarter of the world's pig
population and was recently detected in Papua New Guinea.
If
it were to reach Australia, the pork industry estimates it could cost
the Australian economy $2 billion.
National
Farmers' Federation chief executive Tony Mahar said the decision to
axe the levy was a "blow to Australia's farmers".
"The
uncertainty this levy proposal has created — particularly given the
current circumstances — is a poor look for government," Mr
Mahar said.
The
Department of Agriculture Water and Environment did not make a
spokesperson available, but said Australia's biosecurity systems
underpinned $60 billion in agricultural production, $49 billion in
agricultural exports and $42 billion in inbound tourism.
Mr
Littleproud's office has been contacted for comment.
Sunday 22 December 2019
Google to pay $481.5m in win for Australian Tax Office bringing total collected from IT giants to $1.25 billion
The Guardian, 18 December 2019:
The search engine giant Google has agreed to pay $481.5m to the Australian Tax Office in a major win for the agency in its battle to force big technology companies to pay tax in Australia.
The settlement, which covers a decade’s worth of tax between 2008 and 2018, will also help bolster a federal budget surplus that has been undermined by weak economic growth and the collapse of the Morrison government’s robodebt scheme.
It follows a lengthy campaign to get multinationals, especially technology and resources giants, to pay tax in Australia that was launched in 2015 by the then treasurer, Joe Hockey, and spearheaded by the tax commissioner, Chris Jordan.
Moves included more audits of tech and resources companies through a special ATO taskforce and introducing a suite of laws designed to force tech companies to book sales made in Australia locally, rather than running them through a tax haven such as Singapore or Ireland.
Deputy commissioner Mark Konza, who has overseen much of the ATO’s work dealing with tax-shy multinationals, said the settlement was “another great outcome for the Australian tax system”.
The ATO said Google’s settlement, together with others made by companies including Microsoft, Apple and Facebook, brought the total extra amount of cash collected from ecommerce industry players to $1.25bn.....
Unfortunately as Australia's federal budget blackhole is currently $2.1 billion and will reach a cumulative total of at least $7 billion by June 2021, the back taxes paid to date by these multinational corporations will be only a slight, passing relief for the national economy.
The ATO said Google’s settlement, together with others made by companies including Microsoft, Apple and Facebook, brought the total extra amount of cash collected from ecommerce industry players to $1.25bn.....
Unfortunately as Australia's federal budget blackhole is currently $2.1 billion and will reach a cumulative total of at least $7 billion by June 2021, the back taxes paid to date by these multinational corporations will be only a slight, passing relief for the national economy.
Labels:
Australia,
Budget 2019-20,
economy,
multinationals,
taxation
Wednesday 18 December 2019
State of the Australian economy as it enters 2020
On
16 December 2019 Australian Treasurer and Liberal MP for Kooyong, Josh Frydenberg, put out a glowing media release concerning the health of the national economy which bears little resemblance to data his own department released on that same day.
Treasury on behalf of the Morrison Coalition Government informed
Australia that it now has less income than was anticipated just prior to the 2019 federal election and, that
economic growth is now slower.
Total
receipts have been revised down by about $3.0 billion in 2019-20
and $32.6 billion over the four years to 2022-23.
These
falls are due to less
money coming into Treasury
from individuals taxes, company tax and
superannuation tax, as well as less dollars being collected through
the tax on goods & services (GST) and lower non-tax income.
Federal
government net debt is expected to be $392.3 billion in
2019-20 (19.5 per cent of GDP). Gross debt now stands at over
$560.8 billion.
Slower
economic growth is explained as due in part to decreased
production and lower export levels in the farming sector, a decline
in iron ore prices, softer wages growth, diminished business confidence & investment
uncertainty.
Gross
Domestic Product (GDP) nominal growth is 3.25 per cent but is
expected to fall to 2.25 per cent in the coming financial year.
Wages
growth is still under performing at 2.5 per cent and, there is no guarantee that the revised projection of 3 per cent wage growth by 2022-23 is achievable.
Unemployment is beginning to rise.
Unemployment is beginning to rise.
The number of people who had jobs
fell by 19,700 individuals between the May federal election and
October 2019. Employment numbers are projected to fall over the next
5 years in Agriculture, Forestry & Fishing, Manufacturing and
Information, Media & Technology.
Cost
of living (CPI) is not
coming down. CPI
rose 1.7 per cent through the year to the September 2019 quarter.
This followed a through the year rise of 1.6 per cent to the June 2019
quarter. Retail
prices, particularly for
clothing, footwear, meat, dairy, bread and cereal products, have
risen.
As for the much lauded budget surplus for 2019-20, it has shrunk from $7.1 billion to $5 billion. While the rubbery figures in forward estimates see the expected surplus for 2020-2021 reduced from $11 billion to $6.1 billion, then from $17.8 billion down to $8.2 billion in 2021-22, with the fiscal year after that supposed to bring in a surplus of only $4 billion instead of the projected $9.2 billion.
One can almost hear Morrison ordering a funding red pen through even more health, disability and welfare services/programs in a vain attempt to avoid intensifying the economic squeeze his flawed political ideology is imposing on the nation.
As for the much lauded budget surplus for 2019-20, it has shrunk from $7.1 billion to $5 billion. While the rubbery figures in forward estimates see the expected surplus for 2020-2021 reduced from $11 billion to $6.1 billion, then from $17.8 billion down to $8.2 billion in 2021-22, with the fiscal year after that supposed to bring in a surplus of only $4 billion instead of the projected $9.2 billion.
One can almost hear Morrison ordering a funding red pen through even more health, disability and welfare services/programs in a vain attempt to avoid intensifying the economic squeeze his flawed political ideology is imposing on the nation.
Notes:
* Australian Treasurer Josh Frydenberg 16 December 2019 media release at
*
Mid-Year Economic and Fiscal Outlook (MYEFO) December 2019 at
https://budget.gov.au/2019-20/content/myefo/download/MYEFO_2019-20.pdf
*
Pre-Election
Economic and Fiscal Outlook (PEFO) April 2019
at https://treasury.gov.au/publication/2019-pefo
*
Australian
Office of Financial Management (AOFM) federal
government
debt updates
at
https://www.aofm.gov.au/
*
Cost
of Living data
at
https://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/6401.0Media%20Release1Sep%202019?opendocument&tabname=Summary&prodno=6401.0&issue=Sep%202019&num=&view=
* Labour Market Information Portal, “Industry Projections – 5 years to 2024” (Excel) at http://lmip.gov.au/PortalFile.axd?FieldID=2787734&.xlsx
Yet another indicator that tax minimisation is out of control in Australia
The
Australian
Taxation Office
(ATO) as part of its transparency commitments released the latest
corporate tax transparency report on
12 December 2019 covering 2,214
of
the highest income companies
trading in Australia in 2017-18.
These
2,214 companies reported annual incomes ranging
from
$66.87
billion down
to $100.01 million.
Contained in the total number of companies were,1,791 with annual incomes over $100 million. Amongst
this group were 1,197 foreign-owned entities.
The
32 per cent companies with tax payable in
2017-18 had tax liabilities ranging from $4.3 billion on
an income of $42.37 billion down
to $1,600
on an income of $125.36 million.
Additionally,
710
companies
on the ATO list did
not pay any tax that financial year.
ABC
News, 12 December 2019:
The
reasons why 710 companies did not pay any tax in 2017-18 included:
- 269 entities that reported a taxable income but prior-year losses were available to deduct against that profit, so no tax was payable
- 242 entities reported an accounting loss
- 146 entities reported an accounting profit but reconciliation items (such as tax deductions allowed at higher rates than accounting permits) resulted in a tax loss
- 53 entities reported a taxable income but were also entitled to offsets (such as the research and development tax incentive) at least equal to the tax otherwise payable
THE TOP 20 NON-TAXPAYING COMPANIES IN 2017-18 (going from highest annual
income of $10.51 billion to lowest annual income of $3.03 billion)
are:
TOYOTA
MOTOR CORPORATION AUSTRALIA LTD, EXXONMOBIL
AUSTRALIA PTY LTD,
FLORA GREEN PTY LTD, VIRGIN AUSTRALIA HOLDINGS LIMITED, TOLL HOLDINGS
LIMITED, AUSTRALIA PACIFIC LNG PTY LTD, CHEVRON AUSTRALIA HOLDINGS
PTY LTD, AMCOR LIMITED, PEABODY AUSTRALIA HOLDCO PTY LTD, HOPE DOWNS
MARKETING COMPANY PTY LTD, QGC UPSTREAM HOLDINGS PTY LIMITED,
FERROVIAL SERVICES AUSTRALIA PTY LTD, GRAINCORP LIMITED, SANTOS
LIMITED, VODAFONE HUTCHISON AUSTRALIA PTY LTD, BBP AUSTRALIA HOLDINGS
PTY LTD, CBH GRAIN PTY LTD, ROY HILL HOLDINGS PTY LTD, PIONEER SAIL
HOLDINGS PTY LTD, IBM A/NZ HOLDINGS PTY LIMITED.
Labels:
Australia,
corporations,
taxation
Wednesday 20 November 2019
ATO grants two month deferral for bushfire victims in New South Wales and Queensland
Australian Taxation Office, media release, 18 November 2019:
The Australian Taxation Office (ATO) today announced that it will grant a two month lodgment and payment deferral to taxpayers impacted by the recent catastrophic bushfires in New South Wales and Queensland.
Acting Deputy Commissioner Andrew Watson said that people affected by the fires should focus on getting their other affairs in order and not worry about their tax obligations at this time.
“We have applied automatic lodgment and payment deferrals to postcodes impacted by the fires, meaning if you’ve been impacted by the fires you don’t need to contact the ATO or your tax professional – we’ve already done it for you,” Mr Watson said.
The quarterly Business Activity Statement (BAS) that would normally have been due on 11 November or 28 November for businesses using a tax professional will now be due on 28 January 2020.
Monthly BAS lodgers also have an extra two months to lodge and pay, with the ATO automatically extending the due date until 21 January 2020 for the form which would normally have been due on 21 November.
Aside from businesses, individuals in impacted areas who have lodged their 2018–19 income tax returns and have received a bill that would normally be due on 21 November 2019 now have until 21 January 2020 to pay.
Mr Watson added that if taxpayers are concerned about their tax obligations, they should feel free to contact the ATO on 1800 806 218 to discuss how the office can support them.
“You can also discuss your options with your registered tax professional, if you have one”.
The ATO will continue to monitor the ongoing situation and make further decisions to include additional areas and/or provide further deferrals as needed.
Automatic deferrals have been put in place for the following 16 local government areas impacted by the bushfires:
New South Wales
- Bellingen
- Clarence Valley
- Coffs Harbour
- Glen Innes
- Severn
- Kempsey
- Inverell
- Mid Coast
- Nambucca
- Port Macquarie-Hastings
- Richmond Valley
- Tenterfield
- Uralla
- Walcha
Queensland
- Noosa
- Livingstone
Employers are reminded that they still need to meet their ongoing super guarantee obligations for their employees.
Automatic deferrals do not apply to large pay as you go withholders.
The ATO is also reminding business owners at this time that it is critical to keep their Australian business number (ABN) information up to date, as it is:
- used by Emergency Services and other government agencies during times of natural disaster
- used by the Government to identify where financial disaster relief is needed to help businesses recover in disaster affected areas, and
- likely to be checked if they are applying for a grant or loan for their business.
Business owners can access, change or cancel their ABN details online at abr.gov.au.All changes made to their ABN online will take effect immediately.
The ATO has more information about help and support options on its website:
ato.gov.au/NaturalDisasters
Labels:
ATO,
bushfires,
natural disasters,
taxation
Sunday 6 October 2019
NSW Norther Rivers "cult' back in the news again
The Daily Examiner, 3 October 2019, p.8:
Almost $600,000 was clawed back from the charity founded by a Northern Rivers “cult” leader after the Australia Taxation Office found it was not entitled to receive tax deductible gifts.
Universal Medicine founder Serge Benhayon, who a Supreme Court jury found was “the leader of a socially harmful cult”, founded the College of Universal Medicine (CoUM) in August 2011.
Mr Benhayon started his “esoteric healing” business in 1999 after what he claims was an “energetic impress”.
Mr Benhayon sued blogger Esther Rockett for defamation but the jury ruled against him, finding most imputations made against him to be “substantially true”.....
ABC News, 13 September 2019:
A Brisbane multi-millionaire who
donated $300,000 to a charity associated with a group later found in
court to be a "exploitative cult" has said he gave the
money freely as a reward for treating his chronic pain.
But
software business owner Stephen Ninnes got his cash back, after an
Australian Tax Office (ATO) crackdown forced the College of Universal
Medicine (COUM) to relinquish almost $600,000 in donations.
The
COUM promotes the teachings of Universal Medicine's (UM)
multi-millionaire founder Serge Benhayon — a former bankrupt tennis
coach who claims to be Leonardo Da Vinci reincarnated.
Mr
Ninnes said in hindsight, after damning findings by a New South Wales
Supreme Court jury last year in a defamation case brought by Mr
Benhayon, "without any shadow of a doubt, I would have nothing
to do with it".
The
COUM remains a registered charity, despite being stripped of
tax-deductable gift registration by the ATO, which found it was not
operating a "college" for tax purposes…..
In his
failed Supreme Court defamation claim against anti-cult activist
Esther Rockett, Mr Benhayon gave evidence that UM followers had given
$269,525 towards paying the mortgage.
The court
heard UM was a $2 million-a-year business for Mr Benhayon, who had
accumulated other multi-million-dollar properties and paid wages to
his entire extended family.
It heard
Mr Benhayon flies business class for annual retreats in Vietnam and
twice-yearly vacations on a British country estate…..
The
jury found Mr Benhayon was a "charlatan" who "swindles
cancer patients",
was "engaged in a healing fraud that harms people" and was
"sexually manipulative of his cult followers".
It also
found Mr Benhayon had "an indecent interest in girls as young as
10 whom he causes to stay at his house unaccompanied"…..
Documents
filed in the defamation case detail the tax office action against
COUM, which took $581,775 in donations for its "school building
fund" between 2011 and 2015.
But then
an ATO investigation found COUM was "not operating a school"
because the courses it offered, such as "Being a woman in the
world today", did not qualify as "knowledge-based teaching"
for tax purposes.
It noted
that COUM was fundraising to renovate a building to the "potential
capital benefit" of its owner, Mr Benhayon, who would also earn
$80,000 a year in rent.
Although
there was no indication money was misspent, the ATO found most of the
donations to the building fund were not maintained separately to
COUM's money, meaning it could potentially use the cash "for
other purposes" and "the safeguard of public money is
threatened".
In
February 2015, the ATO retrospectively stripped COUM's deductible
gift recipient (DGR) status and COUM returned $563,282 to donors in
October 2015…..
The
Australian Charities and Not-for-profits Commission (ACNC) continues
to endorse COUM as a registered charity.
An
ACNC spokesman said it could not comment on individual charities but
"all registered charities must remain not-for-profit [and] have
solely charitable purposes".
"The
ACNC takes all concerns seriously and will investigate where there is
evidence that a charity has failed to comply with its obligations,"
he said.
Lismore
MP Janelle Saffin denounced UM in NSW Parliament last month and
called for a judicial inquiry into its "infiltration" of
government departments.
"It
is a cult that has caused the separation of families, is a wealthy
commercial enterprise … and has targeted those who speak out,"
Ms Saffin said.
"Those
who have escaped its clutches, or had their loved ones snared in its
web of commerce and bizarre beliefs, have told me of its practices
and harm."
UM
devotees include medical practitioners, academics, child protection
workers, and a police officer.
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