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Rumours and Stuff

Glenneel

Bench
Messages
3,486
Sorry I’ll dumb it down. You “can” stipulate what the price is, but under a bunch of situations, the ATO and banks can also stipulate what the value is regardless of your thoughts. And they do this under things called laws. If you try to break these laws, that is illegal.
I was an accountant with developers as clients. The ATO and banks don't stipulate anything as a developer can sell at any price as long as its at 'arms length'. In a scenario a developer may have 2 blocks left in a sub-division and they've been for sale for some time. They can be discounted, to even less than cost, as long as the sale is to genuine buyers and not say to relatives to help them. The ATO cannot dictate to businesses how they operate as long as there is a likelihood of a profit.
 

84 Baby

Referee
Messages
28,312
I was an accountant with developers as clients. The ATO and banks don't stipulate anything as a developer can sell at any price as long as its at 'arms length'.
FFS you haven’t been following very closely have. I can’t be f**ked finding my post but I already said exactly that. So Mr. Accountant for developers, if one of them came to you and said “I’m a fan of the Cowboys and I want to give Taumolololo a bit of money to keep him there. So want I’ve done is written up a contract for one of my properties for $200k less than what I’m selling the other ones for. He doesn’t have to do anything for the money then. Hopefully he’ll stay then. I mean it worked with JT, Bowen, Rod Jensen and Josh Hannay” you wouldn’t at all be concerned?
But anyway, as I’ve reiterated over and over, Mole said selling below market wasn’t illegal. In itself he’s correct, but it can and does often lead to illegal actions particularly when you are selling to a select group of potentially commercially related people. That was all my point was. I don’t assume the alleged people have done anything wrong, but if they were trying to hide it from NRL then it’d be in line with also trying to “hide” it from ATO, etc
 

Bazal

Post Whore
Messages
99,923
Geez, imagine there being a lack of rumours in the off season!!

What's the world coming to, FFS!
 

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