ATO nails tax cheats in third quarter
Almost 500 people were convicted for tax fraud and superannuation criminal offences in the September quarter, resulting in $1.56 million in fines and penalties, according to the Australian Taxation Office (ATO).
Project Wickenby resulted in two prosecutions, and there were 13 prosecutions in total for serious tax and superannuation-related criminal offences.
There were a further 452 taxpayers convicted for deliberately evading tax and super obligations, of whom 440 failed to lodge tax returns and activity statements despite repeated notices, according to the ATO.
Overall there were seven custodial sentences and one suspended sentence, as well as two good behaviour bonds and three community service orders.
"A record jail term of nine years was handed to Vanuatu-based accountant Robert Agius for his role in promoting a tax minimisation scheme. He was the twenty-eighth person to be sentenced under project Wickenby," Tax Commissioner Michael D'Ascenzo stated.
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
