Gold Coast accountant jailed for tax evasion scheme
A Queensland accountant who helped his clients avoid paying more than a million dollars in tax has been sentenced to six years in prison.
Ewan Stoddart, 48, was found guilty of promoting tax avoidance schemes to several clients while consulting on the Gold Coast, which led to the evasion of $1,392,696.
He was sentenced on 13 counts of aiding and abetting fraud, with each carrying a sentence of six years imprisonment, to be served concurrently.
However, he will likely be released on a good behaviour bond after two years.
In commenting on the sentencing of Stoddart, Australian Taxation Office Second Commissioner Bruce Quigley said he hoped the penalty sent a message to other professionals about the risks of advising tax evasion.
"If you engage in illegal behaviour, you will be caught, and the penalties will be harsh," Quigley said.
"While the vast majority of taxation advisors act ethically and within legal boundaries, those who choose to avoid the rules risk being caught and sentenced."
Stoddart is the 39th person to be sentenced under Project Wickenby, a cooperative between the Australian Taxation Office, the Federal Police and other government agencies designed to tackle tax evasion.
Recommended for you
A Victorian accounting firm – in which Count holds a 40 per cent equity stake – has announced the acquisition of an accounting client book through a $1.4 million transaction.
Australian Ethical has reported its net profit after tax (NPAT) fell 15% to $9.6 million for the year ended 30 June, while its underlying profit after tax (UPAT) declined 7% compared with the year prior, to $10.3 million.
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
Having completed their educational qualifications, those advisers who remain in the industry are reporting being “run off their feet” with new clients.
