Garpal Gumnut
Ross Island Hotel
- Joined
- 2 January 2006
- Posts
- 13,233
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- 9,172
I just thought I'd start a thread on this pack of muppets as I was surprised that those who rely on fundamental analysis have not done so before now. The first matter which needs addressing is who and what they are. I do know they are a conglomeration of accountants, but rather than go down to my local shopping centre to see if they were filling in tax returns for Mr. and Mrs Shopping-Trolley, I went online.
Hmmm. Sounds like a load of cobblers. There are pictures of the broad church that is Australia, a Chinese lady without spectacles, An indigenous lady, An Indian lady, an Anglo-Saxon gentleman with false teeth about to set of on a cruise. a worker in high vi ... I won't go on, but you get the picture. The New Equation, whatever that is. However what do they actually do?
In fact what The New Equation is allegedly, is the provision of information for tax minimisation to large and small companies favoured by PwC from information in confidence garnered from assisting the Australian Treasury aka ATO in drafting future legislation and regulation on taxation. A few emails and text messages, whispered conversations in the executive loos and beds, or beds and then loos, a laugh and an elbow tap over dinner, and all the information needed to minimise tax is given to multi-national companies via PwC associate and executive partners, it is alleged.
They are such muppets that it was given away for a song, for very little fees, around $10m or $20m, I am told. The idea being ingratiation for future business. The downside is that multiple agencies including the ATO and the AFP are crawling through every email ever sent in relation to this kerfuffle and criminal charges may be laid.
It may be worthwhile the fundamentalists on ASF checking if PwC was involved in giving advice to their stock picks, usually in the past a sign of propriety, but alas in this atmosphere it may signify entanglement and investigation.
And this is just the start.
www.afr.com
gg
Hmmm. Sounds like a load of cobblers. There are pictures of the broad church that is Australia, a Chinese lady without spectacles, An indigenous lady, An Indian lady, an Anglo-Saxon gentleman with false teeth about to set of on a cruise. a worker in high vi ... I won't go on, but you get the picture. The New Equation, whatever that is. However what do they actually do?
In fact what The New Equation is allegedly, is the provision of information for tax minimisation to large and small companies favoured by PwC from information in confidence garnered from assisting the Australian Treasury aka ATO in drafting future legislation and regulation on taxation. A few emails and text messages, whispered conversations in the executive loos and beds, or beds and then loos, a laugh and an elbow tap over dinner, and all the information needed to minimise tax is given to multi-national companies via PwC associate and executive partners, it is alleged.
They are such muppets that it was given away for a song, for very little fees, around $10m or $20m, I am told. The idea being ingratiation for future business. The downside is that multiple agencies including the ATO and the AFP are crawling through every email ever sent in relation to this kerfuffle and criminal charges may be laid.
It may be worthwhile the fundamentalists on ASF checking if PwC was involved in giving advice to their stock picks, usually in the past a sign of propriety, but alas in this atmosphere it may signify entanglement and investigation.
And this is just the start.
PwC tax leak LIVE UPDATES: Anthony Albanese calls for employees involved in the scandal to be named
Anthony Albanese says the list of PwC employees allegedly involved in the tax advice scandal should be made public; insurers should lower premiums for customers takings steps to mitigate climate risk, says Stephen Jones. Follow updates here.
gg
