SP1 0.00% $1.07 southern cross payments ltd

I realise it's in the troll's and AFR's best interest to...

  1. 474 Posts.
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    I realise it's in the troll's and AFR's best interest to manipulate and mislead public. There is an ongoing court case with the ATO and I'm concerned this recent attack, sensationalizing JK's tax affairs is an abuse of the power bestowed upon them by society. They might have also breached their code of ethics, especially
    "1. Report and interpret honestly, striving for accuracy, fairness and disclosure of all essential facts. Do not suppress relevant available facts, or give distorting emphasis. Do your utmost to give a fair opportunity for reply."
    and
    "4. Do not allow personal interest, or any belief, commitment, payment, gift or benefit, to undermine your accuracy, fairness or independence."

    https://www.meaa.org/meaa-media/code-of-ethics/

    Misled the public by using words like "Banned"
    JK applied for a Departure Authorisation Certificate (DAC) on 6 May 2021 and the commissioner was willing to consider the application but then later JK withdrew (on 18 May 2021) to reassess the travel period/s and since has not made a further application. So the whole AFR statement that he is 'Banned' is incorrect and was done only to mislead. And when JK makes a new request the ATO will reassess the situation. This DPO (DEPARTURE PROHIBITION ORDER) is quite normal especially when a large tax liability is involved. There is also a Commissioners's guidance PSLA 2011/18 that acknowledges that the Commissioner is required to issue a DAC if satisfied that the taxpayer will return to Australia and no security is necessary or desirable for this. Given JK is the CEO of both NSX and ISX, this condition would have easily been satisfied.

    JK has taken the ATO to court, not the other way around as he did not agree with ATO's assessment & interpretation of his tax affairs? He would have done what most businesses do with complex affairs, i.e. rely on the expertise and judgment of his tax agent. There are rollover rules for Script and this is a given. However just like most things if there is a disagreement then it needs to be dealt with by the courts. There are several cases where the ATO has lost, so ATO is not the ultimate authority, the court is. Till the court decides, no point speculating. And with regards to his 'Salary & Wages,' that to will be determined. Individuals are taxed mostly on cash basis, not accrued like with businesses. This might explain why his Salary was shown in the books but not in his own returns.

    JK filed his objections in Feb 2021, the ATO had nearly 6 months to formulate their case but they still asked for additional 7 weeks to prepare an appeal statement. They probably needed more time for information gathering and so on. And again if the ATO needs more time to reevaluate or reassess the case why was the need for the AFR to publish any articles on JK. Couldn't they have waited till it was all over?

    This is to me is clearly Harassment. And this also led to the early resignation of Samuel, affecting the prospects of NSX.


    https://hotcopper.com.au/data/attachments/3468/3468999-37e49f5bd966b0b7b425c40ef49291e0.jpg

 
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