Straddie Indigenous corporation QYAC warned over financial ‘discrepancies’

North Stradbroke Island’s powerful Indigenous corporation has been issued a warning after a financial audit uncovered a series of accounting discrepancies.

Aerial image of Point Lookout at North Stradbroke Island

• Comment: Where did the Straddie millions go?

An audit of North Stradbroke Island’s powerful Indigenous corporation, QYAC, has found a series of accounting discrepancies and incomplete records of monies it got in state government grants.

The review by Cornwalls Law also found the Quandamooka Yoolooburrabee Aboriginal Corporation’s balance sheets did not list all its assets. And there were “discrepancies” in camping revenue receipts.

DES HOUGHTON: WHERE DID THE STRADDIE MILLIONS GO?

Cornwalls also found payroll taxes went unpaid and superannuation contributions were paid late, exposing the directors to penalties. Cornwalls listed eight occasions between 2022 and 2024 “where contributions were paid outside the legislated deadline”.

“The late payments constitute a breach of the statutory requirements, potentially resulting in financial penalties and interest, as well as regulatory and reputational risk.”

Quandamooka Yoolooburrabee Aboriginal Corporation’s balance sheets did not list all its assets.

The outstanding interest payable in December 2024 amounted to $772,000, said Cornwalls lawyers, who worked with Herron Accountants and auditors from RSM Australia.

They found the superannuation payments were between two days and 68 days late.

The auditors warned directors they were “personally liable” if superannuation was not paid in full and on time.

The auditors “strongly recommended” QYAC review its payroll tax obligations.

Cornwalls also reported the errors in the recording of fixed assets, noting “some of the properties owned by QYAC are missing from the books completely.”

It recommended QYAC make a fresh tally of its fixed assets “especially any donated properties transferred to it by the way of native title to ensure that they are reflected appropriately in the books”.

The man who initiated the Cornwalls review said he did so because of a lack of transparency in financial accounts.

“I formed the view I could not rely on the numbers I was getting,” said Steve Wright, the former QYAC chief executive.

“Poor management was the issue. I stress I found no flagrant theft or wrongdoing.’’