Expert Flags One Nation Reporting Gaps in Queensland Filings

One Nation, an Australian political party, has come under scrutiny over its financial reporting after an accounting expert said its Queensland filings from 2016 to 2022 show more than $1 million in missing or worthless assets.

Matthew Pinnuck, a professor of financial accounting at the University of Melbourne, reviewed the returns lodged with the Office of Fair Trading in Queensland and described the statements as “sloppy and unprofessional.” He said the entries raise governance concerns and make it difficult to understand the party’s true financial position over the period.

The documents also show repeated failures to meet legal obligations for incorporated associations, including overdue annual general meetings and annual and financial reports that were filed late or not filed at all. The party has not filed annual returns with the regulator since 2022, the filings show.

Pinnuck also pointed to an instance in which an account manager signed a director’s declaration form, rather than a director. He said that, along with the party’s reporting approach, could raise compliance issues under the Corporations Act, given the party’s public accountability.

Unusual asset entries and write-offs

Pinnuck highlighted what he called “highly unusual” accounting entries, including substantial asset purchases and sales that were not reflected on the balance sheet. In one example cited in the filings, the party’s financial documents showed property and equipment transactions far larger than the total carrying value listed for those assets.

He also drew attention to an entry in 2020 in which the party purchased more than $100,000 in office equipment and immediately wrote it off as “worthless.” Pinnuck said office equipment would typically be expected to have a useful life of five to 10 years, with costs depreciated over that period.

Losses, disclosure limits and legal questions

The party recorded significant losses in three of the last four years covered by the filed reports, including a deficit of $1.05 million in 2022. That was more than double the previous year’s reported loss of $517,000, Pinnuck said.

One Nation reported as a “special purpose entity,” a method typically used by small businesses that requires less disclosure under Australian accounting standards. Pinnuck said that approach limits transparency and may be inconsistent with the obligations of an organisation that is publicly accountable.

Further regulatory scrutiny would be expected to focus on whether future returns are filed and whether the party’s reporting basis and governance practices comply with relevant corporate and association requirements.