Bruce Gordon enjoys longer Australian stay thanks to COVID exemption
Zoe Samios
November 22, 2020 — 4.47pm
One of Australia's most prominent media owners, Bruce Gordon, was given an exemption by the Australian Tax Office to live in Sydney during the coronavirus pandemic without incurring an additional tax bill.
Mr Gordon's primary residence is Bermuda where he has lived since 1985, a place where people can legally reduce personal tax liabilities. The 91-year-old divides his time between Australia - where he owns regional television company WIN Corp and NRL team St George Illawarra Dragons - and Bermuda because his tax arrangements require him to spend more than 183 days offshore.
Bruce Gordon hasn't stayed in Australia this long for decades.Credit:Rob Homer
Industry sources familiar with Mr Gordon's tax arrangements said he was provided an exemption from the ATO to extend his stay in the midst of the coronavirus pandemic. Mr Gordon decided to stay, sources familiar with his thinking say, because Australia is safer than most countries. A spokesman for Mr Gordon was approached for comment.
The billionaire arrived in Australia in November 2019 and spent most of 2020 in his Circular Quay apartment in Sydney because of the pandemic. It is the longest period of time Mr Gordon has stayed in Australia since moving to Bermuda.
Mr Gordon also owns stakes in several companies such as Broadcasting Services Australia and Crawford Productions. The company also owns a 14.9 per cent stake in Nine Entertainment Co, where he is expected to take a keen interest in the process that will decide its next chief executive.
Nine boss Hugh Marks announed his resignation last week.
The chief executive's resignation surprised and
disappointed some shareholders because it followed one of the best performing weeks for Nine on the ASX since its $4b merger with Fairfax Media in 2018. Mr Marks told shareholders operating earnings would be 30 per cent up for the first half of the 2020-21 financial year at the company’s annual general meeting.
Nine is still finalising an external agency to commence a search to replace Mr Marks, who will continue with the company until his successor is decided. The company has
several internal candidates including Stan boss Mike Sneesby and chief publishing and digital officer Chris Janz who are considered the main contenders.
A representative for Birketu (Mr Gordon's private investment vehicle) attended an investor day last week where Mr Marks apologised to shareholders and media analysts for the
"drama". Mr Marks presented the company's business strategy alongside his key executives and no questions were asked about his decision to leave the company, which owns streaming service Stan, Nine radio, television and publications including
The Sydney Morning Herald and
The Age.
It is unclear when Mr Gordon will return to Bermuda, but he is likely to stay in Australia for several more months. His remaining time in Australia could include securing a new affiliate broadcast deal with a metropolitan television broadcaster. WIN currently has a broadcast deal with Ten, which it signed in 2016, but it will expire early next year.
Industry sources familiar with Mr Gordon's intentions have previously said he intends to strike a new affiliate deal with Nine. When Mr Gordon last negotiated a broadcast deal he held stakes in both Network Ten and Nine. His only stake in a metropolitan television company is with Nine after Ten went into receivership in 2017.
https://www.smh.com.au/business/com...hanks-to-covid-exemption-20201122-p56grn.html
