A former big four accounting firm partner is alleged to have helped clients reduce their tax on tens of millions in profits by shifting income to loss-making third parties who took payments for their part in the scheme.
The Commissioner of Taxation is suing the ex-partner in the Federal Court and seeking declarations of the breaches and substantial fines. The maximum fine for an individual found to promote a tax exploitation scheme is the greater of $1.5 million, or twice the benefits obtained, for each year.
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Max Mason covers insolvency, courts, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
Neil Chenoweth is an investigative reporter for The Australian Financial Review. He is based in Sydney and has won multiple Walkley Awards. Connect with Neil on Twitter. Email Neil at nchenoweth@afr.com.au
