Published on August 15, 2020/The Weekly Source

Last week it was Lamborghini-owning aged care operators in the media, thanks to union attention. This week it is ‘profitable’ Not For Profits.

Jason Ward, Principal Analyst at the Centre for International Corporate Tax Accountability and Research (CITAR), has analysed the available results for the largest Not For Profit aged care operators. His report was taken up by The Age newspaper here.

They quoted Ward’s report:

“Four out of five of the largest non-profit residential aged care operators claimed losses in 2019.”

“Each produced at least $26 million in net cash flow from operations … largely from residential aged care”.

The article quotes Mr Ward as saying the accounts showed large operators were “hiding behind” aggregate industry figures.

“These operators, which dominate peak bodies and influence government policy and regulation, use overall industry figures to demand more funding which they are better positioned to capture.”

Read full story HERE.