MarkOlsen wrote: Free money is good money then, so where does this free money go out of interest if the company doesn’t give it to the workers ?
Well done to claremont is all I have said for exploiting loopholes like plenty of businesses have done
MO not sure what they do out at SD but it would be very foolish for any business, in fact illegal, to not pay the JobKeeper payment in full to the employee that it is being claimed for.
It’s not hard to understand how $200k in JobKeeper payments could be claimed by a WAFL club over the previous 8 months given that the WAFL salary cap is more than this and doesn’t include payments off-field staff etc
JobKeeper only accounted for just over a third of Claremont’s profit for the season.
Any PAYG tax normally paid to the ATO for these employees was also retained by the company creating more profit and with the newest facility and equipment fit-out, significant depreciation would have contributed to the result.
Watch out for us as the new financial powerhouse though with no debt and income from our commercial tenants around $400k. The club is in a great position
Well done to EP on posting a significant profit too!!
The more profitable WAFL clubs can be, the more independent they can be of the influence of the WA AFL clubs on how the WAFL operates.
So the profit was as stated above but $241K but that is subsidised by Covid assistance of $382K.
In reality (or mine) it was suggested without that we would have posted a loss of about $41k after everything else is accounted for in the interrupted season which I reckon would have been a really great result. Thankful for the Job stuff but reality is a better thing to work from for next year.
One point was made and it is a big one. Given all of the clubs are making profits and presumably banking it (they will have paid their debts before posting the profit) there is a likelihood that the WCE (the Dorkers aren't in cos they lost money) and State government might say that goodo' we don't have to give as much to the Commission and therefore the WAFL clubs.
The unintended consequences may have ramifications for some clubs that they might not be able to deal with in the next few seasons.