ATO catches 1200 tax and superannuation offenders
Almost 1200 people were prosecuted and convicted for tax and superannuation offences last year, according to figures released by the Australian Taxation Office (ATO).
The ATO figures reveal 48 people were prosecuted and convicted of serious tax crime offences.
Close to 1,150 people and 370 companies were charged with providing false and misleading information, failing to lodge a tax return or receiving a fee for preparing an income tax return when not being a registered tax agent.
Serious offenders received sentences ranging from three months to almost 10 years, with six of these convictions having occurred under Project Wickenby.
Tax Commissioner Michael D'Ascenzo said tax evaders were often caught by the sharing of information between government departments and other third parties.
"The ATO also undertakes risk profiling to identify people and businesses that may have not declared all their earnings or overinflate their deductions," D'Ascenzo said.
"We can see how personal and business claims compare to other tax payers; if alarms are raised the ATO investigates those claims and taxpayer records more closely," he added.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
