A new report evaluating the tax and financial practices of few richest Australian family-owned nursing home operators has given more proof that there’s a lack of accountability and in public funding for the aged care sector said ANMF.
According to the “All in the Family: Tax and Financial Practices of Australia’s Largest Family Owned Aged Care Companies” Report that was produced by Jason Ward who is the Principal Analyst of CICTAR, Australia’s 6 largest family-owned aged care providers obtained over $711 million in yearly federal funding that operates 130 facilities with almost 12,000 beds.
Major suggestions from the Report are:
• All institutions accepting over $10 million in yearly federal funding must file complete financial statements with ASIC, no exceptions;
• Prompt formation of public register beneficial ownership that includes trusts; and
• Minimum 30% tax distributions from discretionary trusts and further trust reforms evaluations to bring Australia in line with global standards.
The Report has brought serious queries regarding the complex trust and corporate formations that some family-owned aged care providers are using and how taxpayers’ contributions are being used. It manifests why aged care companies must be made accountable for the millions of dollars they get in government subsidies, ANMF Federal Secretary, Annie Butler commented.
You can view the report here: http://bit.ly/cictar-allinthefamily-tax
