Thanks Captain! That's brilliant - precisely what's needed. Much better than those law firms that were trying to coral us together and bleed a few more drops out
GTP - Great Southern Plantations
- Thread starter Rafa
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Thanks Captain! That's brilliant - precisely what's needed. Much better than those law firms that were trying to coral us together and bleed a few more drops out
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http://www.theaustralian.news.com.au/business/story/0,28124,26240120-5013408,00.html
There seem to be quite a few similarities to Great Southern.
Let's hope ASIC has a look at them too!
There seem to be quite a few similarities to Great Southern.
Let's hope ASIC has a look at them too!
From all the complaints (ASIC) has received regarding GTP, If they don't take some form of action on this, what are they there for and purpose of existing.
Unfortunately they are still letting the little people down, we tend to rely on them to keep things on the up and up.What hope do we have.
ASIC. WAKE UP.
Unfortunately they are still letting the little people down, we tend to rely on them to keep things on the up and up.What hope do we have.
ASIC. WAKE UP.
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Found today four new Draft Tax Determinations on http://www.great-southern.com.au/
Could anyone understanding this language make an attempt at a translation into something a simple engineer can understand?
Thanks a lot.
Could anyone understanding this language make an attempt at a translation into something a simple engineer can understand?
Thanks a lot.
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If a CGT event occurs within 4 years of claiming a deduction for a managed investment scheme it will be disallowed.Found today four new Draft Tax Determinations on http://www.great-southern.com.au/
Could anyone understanding this language make an attempt at a translation into something a simple engineer can understand?
Thanks a lot.
The example on the first ruling suggests the demise of a managemed investment scheme as a result of liquidation is a CGT event. This I assume refers to the individual schemes themselves and not the management companies such as Great Southern or Timbercorp.
To be divided and conquered
Below is a quote from the website www.savemytrees.com.au. Basically, if more than one proposal to take over the projects is presented for a vote by the receivers, the odds are no proposal will achieve the level of support required and projects may well be wound up, I'm sure to the banks' delight.
I have voted to have just one preferred proposal presented for a vote and so improve the chances of a new RE being given control, be it Gunns, Black Tree, the IWC or the expensive Pulpwood.
Otherwise McGrath Nicol may just take the rules and beat investors over the head with them. Despite multiple offers being on the table the receivers may be able to ensure none of them get the votes. IMHO, we need just one presented for a vote. Just wish they'd release the details of Gunns and Black Tree...
"Under the current voting procedure, for any of these three proposals to succeed it must achieve a "Yes" vote in each project year of :-
50% of total woodlots (i.e. total amount invested in each year)
and,
75% of all those attending a growers meeting (either in person or by proxy).
We believe McN propose to present all three proposals to growers to vote on. With 10 pulpwood projects (1999-2008) that means there will be 30 possible voting outcomes.
This means that the chances of one commercial offer achieving the required voting hurdles over all project years, becomes much more difficult. Despite the fact that there are three competing commercial offers on the table, this means that a winding up of all projects becomes a possibility.
Please click on the below link and fill in your details to vote!
http://www.savemytrees.com.au/update_and_grower_poll.php
Or simply visit the website www.savemytrees.com.au and click on to the red icon on the left "Growers Poll".
If you are a registered grower please poll as you see fit.
If you are a grower not yet registered, please register then poll.
If you are an adviser please pass on to all other advisers and their clients so they can vote."
Below is a quote from the website www.savemytrees.com.au. Basically, if more than one proposal to take over the projects is presented for a vote by the receivers, the odds are no proposal will achieve the level of support required and projects may well be wound up, I'm sure to the banks' delight.
I have voted to have just one preferred proposal presented for a vote and so improve the chances of a new RE being given control, be it Gunns, Black Tree, the IWC or the expensive Pulpwood.
Otherwise McGrath Nicol may just take the rules and beat investors over the head with them. Despite multiple offers being on the table the receivers may be able to ensure none of them get the votes. IMHO, we need just one presented for a vote. Just wish they'd release the details of Gunns and Black Tree...
"Under the current voting procedure, for any of these three proposals to succeed it must achieve a "Yes" vote in each project year of :-
50% of total woodlots (i.e. total amount invested in each year)
and,
75% of all those attending a growers meeting (either in person or by proxy).
We believe McN propose to present all three proposals to growers to vote on. With 10 pulpwood projects (1999-2008) that means there will be 30 possible voting outcomes.
This means that the chances of one commercial offer achieving the required voting hurdles over all project years, becomes much more difficult. Despite the fact that there are three competing commercial offers on the table, this means that a winding up of all projects becomes a possibility.
Please click on the below link and fill in your details to vote!
http://www.savemytrees.com.au/update_and_grower_poll.php
Or simply visit the website www.savemytrees.com.au and click on to the red icon on the left "Growers Poll".
If you are a registered grower please poll as you see fit.
If you are a grower not yet registered, please register then poll.
If you are an adviser please pass on to all other advisers and their clients so they can vote."
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Received an insurance quote from Agricola Crop Insurance. Has anyone else insured through this group? It appears that we are currently uninsured - not a good place to be, methinks. McGrath Nicol seem to go to some pain to distance themselves from it. What do you think? Is anyone using any other company or is this the only way to go?
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Received the same insurance offer from Agricola. It mentions that insurance may be withdrawn if adequate fire prevention is not in place. I called McGN and enquired if Agricola were happy with what was being done and they advised that in their risk assessment they were and have therefore offered the insurance. I am not aware of any other insurers offering to cover our trees.
I also got the insurance offer from Agricola. Fascinating thing was, I only received an insurance offer on one of my woodlots from 2005. Then I checked on the Great Southern website and one of my lots is on leased land.
Looks like its now confirmed that I have done my dough on one of the woodlots, if Agricola are not even offerering to insure it...
I took up the insurance. Hey, its not that much, and after losing so much on Great Southern, it would be a shame for the remaining trees to burn down and I dont even get a cent...
Does anyone know when GTP shreholders will be able to claim the Capital loss from their investment. I know we have to wait for the acknowledgement of liquidation or something, will this happen now that winding up has been recommended? will it definately happen before 30 June 2010?
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I had trees in GS 2006 Plantation which were on leased land in the Tiwi Islands. I understand the landholders exercised their right to take over the trees on 1st October when the lease could not be paid. Does this mean I've lost any entitlements to this investment/any proceeds? Can I still claim the tax benefit/capital loss?
What a fiasco...
What a fiasco...
Taltan,
I am in a similar boat, I expect all the GTP entities should be wound up by then. There are a couple of ATO rulings about insolvent companies that are not wound up and I would suggest you speak with your accountant if there is no resolution prior to June 30 2010. As I have no CG at present I probably wont claim a deduction until the following tax year (if I am lucky). The one advantage shareholders have is that the dough been done and so there is no worry about whether an new RE will be found and whether to vote for or against a prposal, just tears...
I am in a similar boat, I expect all the GTP entities should be wound up by then. There are a couple of ATO rulings about insolvent companies that are not wound up and I would suggest you speak with your accountant if there is no resolution prior to June 30 2010. As I have no CG at present I probably wont claim a deduction until the following tax year (if I am lucky). The one advantage shareholders have is that the dough been done and so there is no worry about whether an new RE will be found and whether to vote for or against a prposal, just tears...
You will remain a member of the 2006 scheme. All proceeds from this scheme are pooled, and then divided amongst the members. A bit over 20% of the 2006 scheme was on leased land. The loss of the TI plantation will be shared by all members of your scheme.
Your initial tax deduction will remain valid
http://www.savemytrees.com.au/downloads/Government_to_Provide_Tax_Certainty_to_Investors.pdf
As you have had a 100% upfront deduction, you cannot claim a second tax write off (no second bite of the cherry I'm afraid)
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Thanks SDE. Was the info regarding pooled distributions in the product disclosure statement?
Whole thing still a fiasco...
Whole thing still a fiasco...
Hi new to this but was wondering if any one knew ex director John young if you do tell him it was me that chased asic acccc many pollies fed police attorney general and others TO JAIL HIM how come i was 3 years ahead in my payments of 200000 and his company javellin assett managment just happened to buy my blue chip debt for 33 cents in the dollar he stands to make another 10 million outa us How did he find out my wife was such a good payer and an excellent risk Why wasnt i asked to buy it out at that price? WHAT A SCAM i have made it my lifes work to see this man behind bars
Up till now i thought all i could read for imfo was gs website and save my trees Everyone has knocked me back about contacting other investors WHY DOESNT SAVE MY TREES MENTION THIS SITE ON THERES another thing is save my trees mostly consisting of advisors that sold most of this junk TIME TO RISE UP and set up an investor backed website i am a pc dummy but surely we can do something ThE SMTREES web site seems to be a copy of the gs website THIS IS ONE OF THE BIGGEST COLLAPSES IN AUSTRALIA today tonite wont reply current affair or any abc programs whats going on LETS STICK IT TO THE MUNGRALS
Thanks for confirming that we have to wait and that it should happen by 30 June. I know there's a fair way to go till June but I like knowing time-frames for selling when I decide which stock to buy.
To the Preacher: to paraphrase the bible, 'it would be easier for a camel to go through the eye of a needle than John Young to go to gaol'. As the recipient of two golden handshakes from GTP, first the $2M 'thank you' from the board upon his retirement and latterly, the gift/purchase of your loan, his actions maybe questionable in an ethical or moral sense, but not illegal. Sorry.
Tiwi Islands Trees
Dear Preacher and all,
I'm another investor in the the 2006 plantations on the tiwi islands.
I agree on a lot of points, why trust another RE. At the moment we have nothing, no rights to any of our assets and a lot of us with debt. Due to the leasing arrangement TLC has now inherited our assets debt free. Why should we not be kept out of the loop as the hungry PPL, Gunns etc deal directly with TLC.
Individually we don't have the capacity, knowledge or funds to take this on. We don't fall into the typical catagory for the save my trees group, as of yet they haven't even returned my emails.
My plan is this.
1. Do TLC have the right to take our assets. Did GS have the right to give them?
2. Currrently the lease is unsatisfied. Can we negotiate with TLC as a group to take on the lease OR can we force this through the courts.
My vision is OUR assets, OUR lease OUR control.
I have set up an email address so we can start to contact the growers effected by this (although I need 5 posts on this site to post an email address, this is number 1).
I'm not a lawyer, not an accountant, and I don't know the intricacies of the law and administration process. On my own I'll never know if I could have done anything, as a group, maybe we can pool some funds and get the process moving. Among this group there must be some good knowledge of what I'm proposing is possible, maybe already in the process, even not possible, at least I'll know.
Dear Preacher and all,
I'm another investor in the the 2006 plantations on the tiwi islands.
I agree on a lot of points, why trust another RE. At the moment we have nothing, no rights to any of our assets and a lot of us with debt. Due to the leasing arrangement TLC has now inherited our assets debt free. Why should we not be kept out of the loop as the hungry PPL, Gunns etc deal directly with TLC.
Individually we don't have the capacity, knowledge or funds to take this on. We don't fall into the typical catagory for the save my trees group, as of yet they haven't even returned my emails.
My plan is this.
1. Do TLC have the right to take our assets. Did GS have the right to give them?
2. Currrently the lease is unsatisfied. Can we negotiate with TLC as a group to take on the lease OR can we force this through the courts.
My vision is OUR assets, OUR lease OUR control.
I have set up an email address so we can start to contact the growers effected by this (although I need 5 posts on this site to post an email address, this is number 1).
I'm not a lawyer, not an accountant, and I don't know the intricacies of the law and administration process. On my own I'll never know if I could have done anything, as a group, maybe we can pool some funds and get the process moving. Among this group there must be some good knowledge of what I'm proposing is possible, maybe already in the process, even not possible, at least I'll know.
