President's Letter July 2019
10/7/2019
Dear Members,
Trust you and your families are well.
Our Club is in an interesting and challenging transitional stage. Whilst our overall financial situation remains excellent [over $17 million in the bank, with no debts] we had to take drastic action to control spiralling losses. These actions, while difficult to undertake, have been successful and the Club is now financially back on track. Furthermore, we have now paid the last tax on our sale proceeds, the deferred Capital Gains Tax, of approximately $2.5 million.
