The administrators of the $740 million failed Gold Coast funds management group LM have discovered related party loans of approximately $300 million, with $17 million being lent directly to CEO Peter Drake. LM holds several retirement villages as assets following investments it made pre-GFC in the sector. It also has lent funds to existing village operators which may now come under pressure.
ATO plans to charge GST on manufactured home parks scrapped
A concerted effort by the Residents Association of manufactured home parks has headed off the ATO which had planned to impose GST in mobile homes. This would have added 10% to the cost of the purchase of a home