Deductions all round
Michael West exposes that the banks have made $88 million in tax-deductible donations to charities in lieu of penalties imposed by the Australian Securities and Investments Commission (ASIC). Winners all round: ASIC negotiates instead of prosecuting, and banks enjoy a community-friendly public face. But the inherent fraud continues as the banks’ tax deduction for the “donations” impacts upon the public purse. I suggest this arrangement might be entrenched in legislation in order that we, the general public, might avail ourselves of similar arrangements for traffic fines and civil disobedience penalties. Very comfortable.
– Ed Nixon, Sandgate, Qld