Dear Jim of DFK Gray Perry Accountants
I was recommended by the ATO to ask you this question as they have you on file as being a reputable Tax Agent – how considerate, you must be proud to have developed such a good trusting relationship over the many years with the Australian Taxation Office.
- I require some advise. I knew someone who was a manager for a motel. The motel was owned by an individual and registered as a sole proprietorship that was also 1 part shareholder in a transport company.
- I know for a fact that the transport company was made up of 8 shares, 5 belonging to the father and 3 belonging to 3 sons making the sons owner of 1 share each.
- The transport company was controlled by a CEO on all counts and was/is in control of all accounts and knew what he/she was doing as he/she told this someone to make sure that nothing was mentioned to the other brothers being 1 shareholder each but only in the transport company being the reason to keep his/her mouth shut. I am surprised that the company accountant for the transport company whom now is the accountant on file for the motel didn’t notify the 2 shareholders of the transport company that company funds were being used to prop up a business, which was of no benefit to them. I am not sure but I think under the ASIC rules, a company accountant is obligated to notify all its shareholders of currency activity, especially when we are talking about hundreds of thousands of dollars which were not only secured for against the transport company but monthly payments maintained solely by the transport company sometimes hindering the cash flow of the transport company.
- This someone has bank statement evidence showing that funds were raised, backed and repayments maintained by the transport company for the sole purpose of the motel with no knowledge to 2 sons being 1 share holder each only in the transport company. Funds in the amount of hundreds of thousands of dollars.
Robert Debono
