Merry Christmas to Peter Wilson. When it was suggested that Peter Wilson should be independent of the old board so that we can have a fresh start Peter responded with "That's your issue". Summary of the meeting here: viewtopic.php?f=23&t=594
A good summary of where we are up to by Joe Aston of the AFR, linked to from here: viewtopic.php?f=5&p=4137#p4137
If you are new to this website read the story so far: viewtopic.php?t=321#p1793
Check out some of the AFR articles, too many to list and check out some of the ABC reports: http://www.afr.com/business/accounting/ ... 215-h055ej http://www.afr.com/business/accounting/ ... 211-h02x1d http://www.abc.net.au/news/programs/the ... s,/8626662
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Plundering our fees for exec super, too

This covers the board and management of CPA Australia
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theallseeingeye
Posts: 81
Joined: Sat Jun 03, 2017 4:23 am

Plundering our fees for exec super, too

Post by theallseeingeye » Wed Jul 12, 2017 5:31 am

Interesting to see in the ABC article (link below) that Malley got the maximum tax-free super contribution of $35000, whereas the CEOs of CBA and Telstra take much less, despite their larger packages. Trough, pig, snout in it. "But there is nothing illegal about that!" will be the inevitable sanctimonious reply, i am sure.

http://www.abc.net.au/news/2017-07-11/- ... id/8698608

chuck_meister
Posts: 92
Joined: Fri Mar 31, 2017 8:58 am

Re: Plundering our fees for exec super, too

Post by chuck_meister » Wed Jul 12, 2017 3:16 pm

Just a slight clarification, the $35,000 would be a concessional contribution taxed at 15% (not tax free).

It probably won't be too much a stretch of the imagination to have
this scene play out:

Remuneration Committee (Wade, Carlin, Dickson & Ryan):
In the 2015/2016, by law we can only pay you a maximum super of $19,307.80 for the year.

Alex
That won't do, I'm not willing to salary sacrifice $15,692.2 of my hard earned money.

Remuneration Committee:
That's ok as you've "achieved" more now than in the past 120 years, we'll throw that in as an extra bonus which you can elect
to sacrifice into super. That brings your salary up to $1.79M

Alex
Now about that golden parachute...

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The Nude CPA
Posts: 227
Joined: Sat May 06, 2017 4:21 pm

Re: Plundering our fees for exec super, too

Post by The Nude CPA » Thu Jul 13, 2017 3:11 am

The problem is with the super legislation, and that's more what the article is about.

Malley's package, like any other CEO, would have been negotiated in overall terms.

Any person -- especially an accountant -- who doesn't maximise their net benefit through tax-efficient structuring 'needs their head read', to paraphrase Kerry Packer.

theallseeingeye
Posts: 81
Joined: Sat Jun 03, 2017 4:23 am

Re: Plundering our fees for exec super, too

Post by theallseeingeye » Thu Jul 13, 2017 10:36 pm

The Nude CPA wrote:
Thu Jul 13, 2017 3:11 am
The problem is with the super legislation, and that's more what the article is about.

Malley's package, like any other CEO, would have been negotiated in overall terms.

Any person -- especially an accountant -- who doesn't maximise their net benefit through tax-efficient structuring 'needs their head read', to paraphrase Kerry Packer.
I agree with all you say , but, how does that explain why Malley seems to have pocketed more than CEO's of much larger , for-profit business ? Are you saying Andy Penn "needs his head read" , or am I missing something ? ( which is entirely possible as I have not lived in Australia for quite a while)

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