ATO cracks down on fraud in third quarter
In the third quarter of 2011, 356 people and 122 companies were prosecuted and convicted of taxation and superannuation offences, according to acting Tax Commissioner Jennie Granger.
In the same period, 12 people received custodial sentences that ranged from two months to five years, she added.
"Those who are caught, face extremely serious penalties including criminal conviction, significant fines and imprisonment," Granger said.
The Australian Taxation Office (ATO) is currently targeting tax refund fraud, and uses leading technology, sophisticated national and international networks, and community intelligence to catch offenders, Granger said.
As an example of the ATO's recent effort to catch tax cheats, Granger cited an example of a Sydney man who was sentenced to five years in jail for deliberately lodging 41 false income tax returns totalling $180,000.
She also listed smaller-scale cases of return fraud, including an ACT bus driver who was convicted and fined $6,600 for failing to lodge tax returns; a NSW plumbing business that was convicted and fined $22,000 for failing to lodge income and GST returns; and a NSW concreting business owner who was convicted and fined $17,000 for 21 offences of failing to lodge business activity statements.
"Providing false or misleading information to the ATO is a criminal offence. If you do the crime, you will face the consequences - and they can be significant," Granger said.
Recommended for you
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
MLC Expand has appointed retirement specialist Andrew Long to work with advisers and licensees and drive growth for its recently launched retirement solution.
Despite banks largely having exited the industry, advisers under institutional licensees are least likely to switch while 26 advisers have been appointed to a licensee more than 10 times.
Insignia Financial has shared a progress update on the acquisition by US private equity firm CC Capital as well as the departure of a long-standing director.
