De­duc­tions all round

The Saturday Paper - - Letters & Editorial -

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

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