Decision details

It is resolved that:

(A)      Council write off the debt of $1,816,407.05 (inclusive of GST) owed by former tenant Discount Compound Pharmacy Pty Ltd (ACN 610 985 307) of part of Park House 295-301 Pitt Street, Sydney on the basis that the debt is not lawfully recoverable;

(B)      authority be delegated to the Chief Executive Officer to reclaim the GST component of the debt, from the Australian Taxation Office for the amount $165,127.91;

(C)      Council note that this amount has previously been provided for in full in prior accounting periods. No further adverse impact of the Council’s financial position is expected; and

(D)      Council note that the fact that a debt is written off does not prevent the City from taking legal proceedings to recover the debt if the circumstances change at a later date.

Carried unanimously.

X103789