One Nation’s ‘incredibly sloppy’ financial reports reveal more than $1m in missing or worthless assets
Summary
One Nation, a political party in Queensland, has reported over $1 million in missing or worthless assets in financial reports from 2016 to 2022. Experts criticized the party’s financial statements for poor quality, late filings, and unusual accounting practices, raising concerns about its financial management.Key Facts
- One Nation failed to file some financial reports on time and has not filed any annual returns since 2022.
- A financial expert called the party’s accounting reports “sloppy and unprofessional.”
- Reports showed unusual buying and selling of assets that did not match the reported values on balance sheets.
- In 2020, One Nation bought over $100,000 of office equipment and immediately wrote it off as worthless, which is unusual accounting practice.
- The party posted financial losses in three of the last four years, including a $1.05 million deficit in 2022.
- One Nation used a simplified financial reporting method meant for small businesses, limiting financial transparency.
- Experts question whether the party violated Australian law by using this simplified reporting method.
- Poor financial management raises concerns about the party’s ability to responsibly handle public funds.
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