Questions to Lendlease put today. We will revert when the answers come.
- Why hasn’t Lendlease disclosed this information to the market?
- What is the quantum involved?
- The ATO must be close to finalising its audit, now that a public statement of the law has been made. Where is the audit?
- Is ASIC also investigating your incorrect accounts and disclosure failures?
- Mr Ullmer has consistently said that Lendlease has followed the 2002 ruling on Retirement Villages. The ATO clearly says Lendlease has not been following it. In fact, Lendlease has been ignoring it.
- Which directors are stepping down?
- How many years’ accounts will have to be restated?
- Presumably Lendlease will sue KPMG and PwC. Have you explored that?
Response from Lend Lease spokesperson
We note the release of the ATO’s Tax Determination (TD) 2022/14.
The TD is not industry specific, and the circumstances contemplated in the TD do not apply to Lendlease’s partial sale of the retirement living business.
Continued commentary about the partial sale of our retirement living business to APG is not founded in fact.
We’re confident our tax treatment is consistent with the law. And with the ATO’s tax ruling on the retirement living industry.
We report openly and transparently on our tax affairs, and you can view our latest Tax Report on our website.
Everything to play for: whistleblower’s home on the line as Lendlease makes merry with tax code
Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.