WHERE'S THE $35 MILLION?

[bob dylan]

Not sure why everyone is hot under the collar ontbe Penns in this.

You should be directing the questions to the Leagues Club board of the time (under the then Chairman Bob Reilly) - they sold the farm for a few grains of rice.

The reason people are upset, and yes it's very old news, is because Penn likes to trot out the old "our family pours over $1mil a year into the team".

Good luck to him I say. But quit the bleeding heart stuff, he already appears to be a clown, don't add to that.

 

[lurker]

The Penns are scum who have pillaged the club and will walk away in the black.
It pisses me off so much when ignorants on this site try and defend them.

You put the cash in then hero. I’m grateful for anyone that puts money into our club because without them we don’t exist. You have no idea how informed people are or aren’t on this site.

 

[Frogz]

The Penns are scum who have pillaged the club and will walk away in the black.
It pisses me off so much when ignorants on this site try and defend them.

Can we have a f#ck wit button please

 

[Class of 96]

Those goddam ignoramuses are an ignorant lot.

 

[Terry Zarsoff]

Those goddam ignoramuses are an ignorant lot.

Huh?😉

 

[Stuey Davis’s Socks]

If he bought it for 7.5m and sold for 35m then the government has some serious coin in taxes to spend on our stadium. Every cloud ...

Just for interest sake on the figures bandied about:

$35.0m proceeds
($7.5m) purchase
($0.5m) legals on purchase
($1.4m) stamp duty
($0.5m) selling costs
$25.1m profit
($7.5m) company tax at 30%
$17.6m profit after tax

Not enough for a decent new stand, perhaps a lick of paint for the timber benches, some furniture and a couple of new pie warmers?

 

[Spartan Eagle]

The money is in the pockets of the investor where it belongs. Don't know what all the fuss is about.

 

[Frogz]

Why do people think Penn should rebuild Brookvale Oval. Its council owned.

 

[Stuey Davis’s Socks]

I was replying to Ricardo to show that the govt’s tax take out of Penn flipping the leagues club sight would only have netted something like $7.5m at best, not advocating that Penn fund Brookie as its not his to rebuild.

 

[Supreme Leader]

The Penn's have a history at buying things under true value. Not only the Leagues club, but Max's shares in the ownership of the club.

Some say it's good business, some would say opportunistic.

The question still hangs around the families true loyalty to the club's legacy and history.

 

[manly al]

Just for interest sake on the figures bandied about:

$35.0m proceeds
($7.5m) purchase
($0.5m) legals on purchase
($1.4m) stamp duty
($0.5m) selling costs
$25.1m profit
($7.5m) company tax at 30%
$17.6m profit after tax

Not enough for a decent new stand, perhaps a lick of paint for the timber benches, some furniture and a couple of new pie warmers?

Would it be company tax or capital gains tax that would apply in this instance ? Either way , probably about or almost the same rate but that would not take into and possible account, any profit shifting measures . Irrespective still a pretty handy profit margin realized .

 

[Stuey Davis’s Socks]

Agree @manly al and that’s why I mentioned $7.5m being best case tax collection for the government. Doesn’t factor in using carry fwd tax losses, 50% CGT discount if the property was held in a trust instead of a company, profit shifting etc. FYI if a company makes a capital gain it pays company tax on the net gain. Capital gains tax is not separately levied tax to income tax, despite the name.

 

[The better Robbo]

Agree @manly al and that’s why I mentioned $7.5m being best case tax collection for the government. Doesn’t factor in using carry fwd tax losses, 50% CGT discount if the property was held in a trust instead of a company, profit shifting etc. FYI if a company makes a capital gain it pays company tax on the net gain. Capital gains tax is not separately levied tax to income tax, despite the name.

Can you do my taxes 🙂

 

[Stuey Davis’s Socks]

Can you do my taxes 🙂

Well I’m in the same game as Great Man Tooves, so probably