Man’s alleged 15 year taxation fraud costs commonwealth more than $38.5 million

An elderly man has been charged after he allegedly defrauded the government of tens of millions of dollars in his income tax returns.

A South Australian man has been charged over an alleged taxation fraud spanning 15 years. Picture: File image

A South Australian man is due to front court after he was accused of defrauding the government $38.5m over 15 years by avoiding paying income tax.

The defendant, 71, allegedly failed to disclose overseas trust assets in his income tax returns between 1999 and 2013.

As a result, he was charged with two counts of defrauding the commonwealth or public authority and 13 counts of obtaining a financial advantage by deception.

The Australian Federal Police-led investigation also involved overseas law enforcement agencies from the Bailiwick of Jersey, the United States, the United Kingdom and the British Virgin Islands.

According to the AFP, restraining orders in the Supreme Court of South Australia were also obtained over a significant amount of assets.

“The laying of charges against the alleged offender as well as the obtaining of restraining orders in this investigation serves as a clear warning that the Australian Federal Police will take action in relation to allegations of serious financial crime,” AFP Southern Command acting commander investigations Raegan Stewart said.

The accused is due to appear in the Adelaide Magistrates Court on Monday afternoon.