This new CICTAR report and Submission to the Royal Commission on Aged Care reveals that Australia’s largest non-profit residential aged care operators, like their for-profit counterparts, suffer from a lack of accountability and appear to prioritise investment and growth over care.
Fresenius, through its various divisions, is ranked in the top 260 global corporations. Fresenius is represented in almost every well-known tax haven around the world, including the Cayman Islands and the British Virgin Islands, Hong Kong, Delaware, Singapore and Panama. The company uses this network of tax havens to shift profits and avoid higher corporate taxes in Germany and other countries.
ALL IN THE FAMILY: Tax and Financial Practices of Australia’s largest Family-Owned Aged Care Companies
Submitted by the Tax Justice Network – Australia and CICTAR to the Royal Commission into Aged Care Quality and Safety.
This report looks into the tax and financial practices of Australia’s six largest family-owned aged care companies – Arcare, Aegis, McKenzie, Hall & Prior, TriCare, and Thompson – which in 2017-18, received over $711 million in federal funding, averaging nearly $60,000 in federal funding per bed.
The clear conclusion of our research is that Exxon’s aggressive tax avoidance is not unique to Australia but a core part of the oil giant’s global practices.
TJN For Profit Aged Care Report