By Sandy Cheu on May 24, 2019 in Industry, Ageing Agenda
Many large family-owned for-profit aged care providers lack transparency and accountability for the public funds they receive, a new report has found.
All in the family: Tax and financial practices of Australia’s largest family owned aged care companies was undertaken by the Tax Justice Network – Australia and the Centre for International Corporate Tax Accountability and Research.
It looked at the six largest family-owned for-profit aged care providers, which include Arcare Aged Care, McKenzie Aged Care, TriCare, Aegis Aged Care, Hall & Prior Aged Care and Thompson Health Care.
The report found that in 2017-18 these organisations together received over $711 million in government subsidies to operate 12,000 beds across 129 facilities.
Report author Jason Ward said most of these providers did not make their financial statements publicly available.
Read more HERE.