Tom Peever's companies to be liquidated amid alleged fake mining tax scheme

More than 30 companies linked to Queensland businessman Tom Peever will be liquidated as the tax office hunts down ‘many millions’, amid allegations of a $200m fake mining scheme.

Tom and Kirsten Peever allegedly owe the Australian Taxation Office more than $200m after their assets were frozen.

The Federal Court has ordered more than 30 companies linked with Queensland man Tom Peever be liquidated as the tax office hunts down assets worth “many millions of dollars” to claw back cash it alleges was obtained from a fake mining outfit.

Mr Peever is facing allegations from the Australian Taxation Office that his business, Elution Metals, was used as part of a scheme to falsely claim research and development tax breaks and GST refunds, the court heard on Wednesday.

In total, 33 companies linked to Mr Peever and the scheme should be wound up on the basis of insolvency in line with the ATO’s case, Federal Court registrar Peter Schmidt said.

Tom (pictured) and Kirsten Peever allegedly owe the Australian Taxation Office more than $200m after their assets were frozen.

Mr Peever was made “personally aware” about the hearing on Tuesday, but did not turn up in court or instruct a solicitor to appear on his behalf.

The Australian has previously revealed the allegedly fake tax refunds are worth $200m, according to submissions made by the ATO late last year and obtained by the masthead.

As well, Mr Peever and his wife Kirsten are facing a police investigation amid concerns the couple spent some of the cash obtained from the alleged scheme on luxury property, jewellery and flashy cars.

Liquidators James Taplin and Stefan Dopking of BRI Ferrier are set to be appointed, pending receipt of formal court orders. The flow of funds between the 33 entities is set to be investigated as part of a probe into the Elution group, Mr Taplin told The Australian.

Preliminary reports are expected in the New Year.

Appearing for the ATO, barrister Florence Chen told the court notices of assessment have been issued to 30 companies linked with Mr Peever, which are believed to be insolvent.

Tom and Kirsten Peever at their wedding.

Three other entities — PVR Mineralogy and Corporate Advisory, the Peever Family Office and Orchid Blaze — hold “substantial assets” including shareholdings and property in the “many millions of dollars”, Ms Chen said. “There are concerns with the management of those companies,” she said.

“(Mr Peever) was a director of all 33 companies.”

It appeared the GST and research and development refunds were transferred between the 33 companies and allegedly to Mrs Peever, Ms Chen said.

Bank accounts and other assets in the name of Mr and Mrs Peever were frozen in December last year, when a “tracing process” was undertaken to examine the flow of funds between the companies, the court heard on Wednesday. No charges have been laid against Tom and Kirsten Peever.

Mr Peever’s Elution had secured a deal with former market darling Cudeco – a once promising mining operation that ran the Rocklands copper mine in rural Queensland at Cloncurry before it fell into liquidation – to procure high-grade cobalt, copper and gold concentrate out of tailings.

Court filings lodged in the Queensland Supreme Court in 2022 show Mr Peever’s Elution agreed with Cudeco in December 2018 that it would treat the tailings at the Rocklands mine site, sell the mineral concentrates and pay back a percentage from sales.

A number of shareholders allege they have been left in the dark about their investments in Elution, after they slowly stopped hearing from Mr Peever.

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Originally published as Tom Peever's companies to be liquidated amid alleged fake mining tax scheme