Monday, 19 March 2012
Member for Lyne
The question remains: have tax returns for the trust been issued for the period 2002-03 to the current date? There are also issues with regard to tax file number withholding requirements for the trust. These measures require a trustee to disclose to the Australian Taxation Office the tax file number of the relevant beneficiary. If they do not, the trust is obliged to pay an amount of tax to the Australian Taxation Office.
I did a quick search of the ABN register earlier today and was amazed I could not find an ABN for this trust. On this basis, it would appear reasonable to assume that it does not have an ABN. According to advice from the ATO, an organisation must have an ABN if it is seeking endorsement as one or more of the following: a tax concession charity or income tax exempt fund, or a deductible gift recipient. If you were serious about maximising the return to your community, one would expect you would seek to avail the trust of every possible tax concession.
There is also a range of other questions which need to be answered. What is the current status of the trust? Who are the beneficiaries? How do you donate to the trust? Who has received benefits from the trust? What is the process by which you can apply to become a beneficiary of the trust? What are the sources of income for the trust? Have all legal requirements been complied with? How is the trustee ensuring that the assets of the trust are being effectively managed for the benefit of the beneficiaries? Has the trust been audited by an independent, qualified auditor? Why does the trust not have a registered ABN? Is there an operating bank account and, if so, where is the account maintained and who are the signatories?
I hereby call on the member for Lyne to end the uncertainty, clear the air and deliver the transparency he so often tries to make a badge of honour.