Three weeks ago we covered the main media reports of Primelife founder Ted Sent being hit with a $2.8 million penalty for recklessly dodging tax; we used the term evaded tax. Ted has called us to say he has neither dodged or evaded tax. He has now also supplied the Tax Institute report on his case. It says the Tax Commissioner imposed the penalty based on recklessness but Teds appeal to the Australian Administration Tribunal (AAT) won a change in that ruling. The AAT held that the taxpayer (Ted Sent) had not been reckless, having relied on advice. However the AAT (ruled) the taxpayer (still) did not have a reasonably arguable position, so tax shortfall penalties of 25% were justified. Ted is still fighting. He is now back challenging the ATO over this latest ruling.
Opinion
RIP: We are seeing the death of the family-run aged care operator
It feels like I am writing an obituary to family-run aged care facilities. Once the backbone of the sector, multi-generation operators are now selling out at a pace not seen before. The sell-off is accelerating, with three landmark deals in just two...
