Sam and Andrew Buckeridge are the sons of construction tycoon the late Len Buckeridge, the founder of Buckeridge Group of Companies (BGC). The pair are directors of three Dark Companies that are exempt from lodging their financial statements with ASIC.
|Top 200 Rich List (2020)||No. of Dark Companies: 3 ||Political Donations since FY 1998-99|
|Rank: 55||BGC (Australia) Pty Ltd||Labor Party: $167,838|
|Wealth: $1.78b||Buckeridge and Associates Pty Ltd||Coalition: $237,443|
|Wealth (2019): $1.88b||Esther Investment Proprietary Limited||Independent: $0|
|YoY wealth change: -5.3%||Total: $405,286|
Established in the 1960s, BGC is one of Australia’s largest construction companies, with subsidiaries in building materials, residential construction, commercial construction, transport, and property management.
Following the death of Len Buckeridge in 2014, members of the Buckeridge family fell into dispute over the family estate.
After a two-year legal battle, they decided to sell BCG so that members could receive their inheritance in cash instead of shares originally outlined in Buckeridge’s will. BGC Contracting was sold to NRW for $310 million in 2019, and the family has offloaded more than $400 million worth of property.
In October last year, a settlement between the late Len Buckeridge and the Western Australia government cost taxpayers $35 million. Buckeridge commenced legal action against the state government for $1.2 billion in lost profits in 2012 over a deal made in 2000 to develop a port.
According to ATO transparency data, between the 2013-14 and 2015-16 financial years, BGC (Australia) Pty Ltd made $6.52 billion in income. Taxable income was $388.7 million, and they paid $110.2 million in tax, equivalent to 28.3%, slightly below the corporate tax rate of 30%.
However, between the 2016-17 and 2018-19 financial years, they made $5.77 billion of income and paid zero tax. In 2017-18, BGC recorded a $68 million loss from a profit of $32 million the previous year. Expenses grew from $100 million to $1.96 billion, and revenue fell by $70 million to $1.9 billion.