Nathan Tinkler relinquishes ownership of the Newcastle Knights

[betcats]

Audits can be done anytime.

 

[Alex28]

It would be hard to audit the accounts in December. All those gate receipts, kegs for Christmas barbies not to mention massive fluctuations in Christmas presents. I can see why you'd delay it when so much goes on in a football club during that time.

You could end it in September (I guess they are hopeful that they will eventually do some football-related business in October), however it makes no sense to finish the financial year within a quarter. End of the next quarter after the end of the NRL season is December. Simple.

Betcats - right you are, however then you would have to do a mandatory one as at the end of the financial year. So what would be the point doing one in mid-December, then another one a few weeks later?

Kmav - nearly have a grasp of the English language. Keep up the hard work champ.

 

[THE CHAMP]

At least he won't have to pay Bennett the bonus for making the semi's.

nice.

 

[Cletus]

Look Alex I can see why Tinks has done some things. Mulsanne resources for example he didn't want to go through with the transaction and it was a $2 company so no skin of his nose. But letting go of the best stallion he'll probably ever have in All Too Hard when he wants a successful stud operation, losing his private jet when he lives in Singapore, letting go of his ANZ box all scream financial distress. With the commitments he has to the Knights over the next few years it looks like he'll struggle to cover them if his financial situation is anywhere near to what's reported. I don't think the guy will end up destitute but he looks like he's promised more than he can deliver unless he's got around $500 million free and clear. Maybe Whitehaven will pick up enough to save his bacon. But the Knights members committee are gambling on that when I think it would have been in the Knights best interests to call on the guarantee when they had the trigger.

 

[kmav23]

i like to audit someone whos has companies going bankrupt and and being sued by multiple parties as soon as possible..

but thats just me...

 

[Sydney Knight]

i like to audit someone whos has companies going bankrupt and and being sued by multiple parties as soon as possible..

but thats just me...

How many audits have you conducted?

 

[Alex28]

i like to audit someone whos has companies going bankrupt and and being sued by multiple parties as soon as possible..

but thats just me...

You would have to Google the definition of audit first before figuring out you would do next.

I'd suggest what you would like to do is a forensic financial investigation, but given you are in the finance game you'd know that...

 

[Alex28]

Look Alex I can see why Tinks has done some things. Mulsanne resources for example he didn't want to go through with the transaction and it was a $2 company so no skin of his nose. But letting go of the best stallion he'll probably ever have in All Too Hard when he wants a successful stud operation, losing his private jet when he lives in Singapore, letting go of his ANZ box all scream financial distress. With the commitments he has to the Knights over the next few years it looks like he'll struggle to cover them if his financial situation is anywhere near to what's reported. I don't think the guy will end up destitute but he looks like he's promised more than he can deliver unless he's got around $500 million free and clear. Maybe Whitehaven will pick up enough to save his bacon. But the Knights members committee are gambling on that when I think it would have been in the Knights best interests to call on the guarantee when they had the trigger.

The jet and the box are easily replaceable. I'm betting the horse hurt but to me it was a good sign - he was prepared to make the big hard decision there.

If he can't make his commitment to the Knights, we take the cash securing the guarantee and we go on our own way. Good result for the Knights. He knows that - that's why he'll make sure we are looked after. Probably why he'll look a bit harder for actual sponsors next year...

 

[kmav23]

When the Ato has applied for Tinklers HSG to be wound up...plus tinkler letting all his other companies to collapse ...

A normal person would ask for an audit ASAP.

I see this ending in tears... People's salary and super not being paid... as Ato and creditors have first dibs.

 

[Alex28]

Yawn. More non-sensical garbage. Loudstrat had the sense to stay away after he looked like a goose. Why don't you?

 

[Matchball]

The Australian Tax Office Knights.

Has a nice ring to it.

 

[Loudstrat]

Er...no champ. The Knights financial year ends 31 December annually.

A company can choose whatever financial year end date it wants - for an individual it has to be 30 June, but companies can choose an alternate date if they want to. For some entities it makes sense to choose a date like the end of December - the end of June doesn't represent the end of the trading year, it is actually right in the middle of the trading year.

Mate...seriously...rather than trying to be the big man on forum, try learning something. You are just making yourself look like an idiot.

Except you said THE financial year, not NEWCASTLE'S financial year. Companies can apply to the ATO to calculate to use whatever 12 month period they wish, but THE financial year will always be July 1 to June 30.

Semantics, but your fault.

Tbf you can have auditors check your accounts over any period you like. Most companies have end of financial year and 6 monthly but you can bring the auditors in whenever you want and direct them to review any period.

Exactly. And for any purpose too. Leave applications can be audited for example.

To be fair why would you bother auditing the figures to determine how much extra money Tinky has to tip in until the financial year has actually finished?

As PR said, and audit can be used to check any financial period. Obviously the audit needs to be for a period that has ended before the audit has begun. Therefore, if an audit is due before 31/12, it needs to be for a period ending on a date that allows time for at audit process to be completed.

So, in reference to your question - if they were auditing for a period ending on 31st December, why f*cking start it on the 11th???????

Anyway, the audit wasnt a tax audit, or a statement of company accounts. It was an audit to ascertain wether the sponsorship guarantees, monies for junior development and the Newcastle Rugby League, and working capital expenses were met by HSG. It has nothing to do with tax.

Another spectacular Alex28 fail.

 

[Alex28]

Are you kidding? Have you read any part of this thread?

 

[Loudstrat]

Yes. Have you?????

Your the gimp saying the Knights are waiting for Tinklers TAX audit!!!!!!!!! :lol::lol::lol:

 

[Matchball]

Next years Jersey.

 

[WayneBennett]

fkn lol

 

[Alex28]

Yes. Have you?????

Your the gimp saying the Knights are waiting for Tinklers TAX audit!!!!!!!!! :lol::lol::lol:

Your financial year comeback was lame. The financial year when talking about the Knights is clearly ending 31 December. Nobody cares about the traditional 30 June end date when talking about the Knights because it doesn't relate to them. You call it semantics - I call it a hopeless attempt to save face which failed miserably.

The audit isn't being conducted for or on behalf of the ATO - it is being conducted by an accountant on behalf of the members club to determine how much of his obligations Tinkler has paid and how much he needs to pay before the Bank Guarantee reverts to $10 Million. The ATO can audit the company after that date - they generally don't give you a heads up and tell you that you are being audited prior to the end of the (Knights - just for you) financial year.

There is no point doing an audit before the end of the year because if you did, and then he paid funds after the audit is complete aren't you going to want to make sure he did? Another audit would be required. I don't understand what is so hard to understand about that. The members club understood it - can't be that hard to grasp.

Can't wait for your next desperate comeback at saving face.

 

[Alex28]

And with that I'm done. I've tried to make this discussion sensible and based on what would/could happen but it has been hijacked by fat jokes and name calling. That doesn't interest me. I'll stick to the topic in the Knights thread when something actually happens.

All yours boys.

 

[dangerousdave]

The virus has been eradicated.

Someone make a Hungry Jacks related fat joke please

 

[Loudstrat]

Your financial year comeback was lame. The financial year when talking about the Knights is clearly ending 31 December. Nobody cares about the traditional 30 June end date when talking about the Knights because it doesn't relate to them. You call it semantics - I call it a hopeless attempt to save face which failed miserably.

You know a lot about failing miserably. If you rang up the ATO and asked when the financial year ends they would say 30/6.

The audit isn't being conducted for or on behalf of the ATO - it is being conducted by an accountant on behalf of the members club to determine how much of his obligations Tinkler has paid and how much he needs to pay before the Bank Guarantee reverts to $10 Million.

No - its simply auditing to see what he has paid. The audit is simply for the members to see if he has met his obligations. How much he owes is really moot point, because if he owes anything they get to claim the bank guarantee.

The ATO can audit the company after that date - they generally don't give you a heads up and tell you that you are being audited prior to the end of the (Knights - just for you) financial year.

The ATO really has nothing to do with the audit. Stop confusing yourself.

There is no point doing an audit before the end of the year because if you did, and then he paid funds after the audit is complete aren't you going to want to make sure he did? Another audit would be required.

You are assuming that the due date for Tinklers payments is 31/12. None of us know the due date, but clearly it is way before then. We know this in two ways. First, they need the money to meet operating costs that come up during the year, not just at the end of it. Second, the audit is due by then -as you said you cant audit something before the due date. I'm guessing that the period being audited ended around 31/10, as football operations generally go in cycles from early November. Thats when new squads in seniors and junior reps begin to assemble for the coming year. But its only a guess - and it sure isnt 31/12!

I don't understand what is so hard to understand about that. The members club understood it - can't be that hard to grasp.

What the members club understood and what you think are vastly different.

Can't wait for your next desperate comeback at saving face.

Cant wait = 7 minutes. :lol::lol:

If I had a face like yours I wouldnt want to save it.