Post by Kiwi Frontline on May 27, 2019 4:46:43 GMT 12
Hawkes Bay Today 27/5/19
WHY DON’T SOME COMMERCIAL TRUSTS PAY INCOME TAX
A few weeks ago this paper published my letter regarding Ngati Kahungunu's Asset Management company. My comment was that the company, which had recently purchased rival Hawke's Bay Seafoods, enjoys an unfair competitive advantage as a result of its charitable status as the tax rules exempt charities from income tax.
Following my letter. Hawke's Bay Today published a factually incorrect "clarification". For the record, Ngati Kahungunu Asset Management Company is listed on the Charities Commission website as Registered Charity No 37607, its directory clearly states it is exempt from paying income tax, and indeed its financial statements show it paid no tax on its $32 million profit for the year ended June 30, 2018.
Ngati Kahungunu doesn't rely on public support for donations (like other charities, such as Unica) to which members of the public willingly donate. Group "charity" Ngati Kahungunu Iwi Incorporated sits on $70.5m in assets, earned revenues of $6.5m and paid governance fees of $830k on top of its generous $94k average wage to staff. Kahungunu also appears to be setting aside $200,000 annually towards its advocacy" reserve, no doubt to push its claims of ownership over our fresh water, flora and fauna and marine and coastal area
At the same time, the nine independently wealthy "baby Kahungunus" exert significant political power through co-governance of our Regional Planning Committee. Perhaps it is time to question why the public should continue to allow these powerful trusts operating commercial businesses to not pay income tax payable by the rest of us?
SARAH TAYLOR, Napier Hill
sites.google.com/site/kiwifrontline/letters-submitted-to-newspapers
WHY DON’T SOME COMMERCIAL TRUSTS PAY INCOME TAX
A few weeks ago this paper published my letter regarding Ngati Kahungunu's Asset Management company. My comment was that the company, which had recently purchased rival Hawke's Bay Seafoods, enjoys an unfair competitive advantage as a result of its charitable status as the tax rules exempt charities from income tax.
Following my letter. Hawke's Bay Today published a factually incorrect "clarification". For the record, Ngati Kahungunu Asset Management Company is listed on the Charities Commission website as Registered Charity No 37607, its directory clearly states it is exempt from paying income tax, and indeed its financial statements show it paid no tax on its $32 million profit for the year ended June 30, 2018.
Ngati Kahungunu doesn't rely on public support for donations (like other charities, such as Unica) to which members of the public willingly donate. Group "charity" Ngati Kahungunu Iwi Incorporated sits on $70.5m in assets, earned revenues of $6.5m and paid governance fees of $830k on top of its generous $94k average wage to staff. Kahungunu also appears to be setting aside $200,000 annually towards its advocacy" reserve, no doubt to push its claims of ownership over our fresh water, flora and fauna and marine and coastal area
At the same time, the nine independently wealthy "baby Kahungunus" exert significant political power through co-governance of our Regional Planning Committee. Perhaps it is time to question why the public should continue to allow these powerful trusts operating commercial businesses to not pay income tax payable by the rest of us?
SARAH TAYLOR, Napier Hill
sites.google.com/site/kiwifrontline/letters-submitted-to-newspapers