It turns out we were wrong to say iSignthis chief executive John Karantzis has been slapped with a $5 million tax bill and banned from leaving the country. It was actually $10 million! Shortfall interest ($861,641) and administrative penalties of $4 million will do that …

In October, the Australian Taxation Office began an audit of Karantzis’ personal income tax affairs for the six years to June 30, 2020. On November 25, the ATO politely asked Karantzis to provide 14 days’ notice of his intention to leave Australia. On November 28, without telling the ATO, Karantzis applied to the Department of Home Affairs to depart for Cyprus. We now also know that on December 4, Karantzis transferred his Hawthorn home – his primary asset in Australia – into his wife’s name! Is it any wonder the ATO slapped a Departure Prohibition Order (DPO) on him on December 18?