Around 1,700 convicted on tax and superannuation offences
A total number of almost 1,700 individuals and companies have been convicted on tax and superannuation offences in the 2010-11 financial year, according to an announcement released by the Australian Taxation Office (ATO).
Those include eight Project Wickenby related convictions over the past financial year, according to the ATO.
Tax commissioner Michael D'Ascenzo said over 450 individuals and 140 companies were convicted between 1 April and 30 June this year alone for tax and super offences equating to over $9.5 million.
D'Ascenzo said the most serious offences this quarter resulted in custodial sentences ranging from 6 months to over 9 years.
"Offences this quarter ranged from a $3,000 fine for failure to lodge tax returns to 21 years combined jail time for three men for their role in an illegal investment scheme that would have allowed participants to claim over $46 million in fraudulent deductions," he said.
The ATO reported using data-matching technology and collaboration with government - including law enforcement agencies and overseas networks - as part of its compliance approach, warning that the likelihood is very high for those who deliberately break the law to be brought to justice.
In its announcement, the ATO had also urged those unsure about their tax or superannuation offences to contact the office for information.
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
