Bank balances, property of Jim Raptis, relatives and companies revealed as mansion, assets frozen after ATO probe

The bank accounts and financial affairs of one of the Gold Coast’s most prolific developers has been laid bare in court documents, as the Australian Taxation Office chases $109.7m in unpaid tax, penalties and interest. DETAILS>>

THE bank accounts and financial affairs of one of the Gold Coast’s most prolific developers has been laid bare in court documents, as the Australian Taxation Office chases $109.7m in unpaid tax, penalties and interest.

The Federal Court has frozen more than $80m in assets linked to Jim Raptis, wife Helen and son Evan, including the veteran developer’s $20m Paradise Waters mansion.

Under the orders, Mr Raptis is allowed to spend $10,000 a week on living expenses and can stay in the palatial waterfront mansion.

The freeze came as the ATO seeks $109.7m from Mr Raptis, members of his family and other entities they allege are linked to him.

Court documents said ATO investigations had revealed apparent “tax avoidance arrangements” by Mr Raptis, members of his immediate family and companies.

“Mr Raptis and entities with which he is associated have a long history of failing to file tax returns and pay tax debts.”

Developer Jim Raptis. Picture: Glenn Hampon.

Mr Raptis said he intended to “work co-operatively with the ATO (and if necessary, lodge objections) to resolve these historical matters”.

“Although we are disappointed with aspects of the orders, we note that business as usual is part of the orders, and all our current projects are progressing as planned,” he said via a representative.

In orders made on October 1, the Federal Court froze assets worth $23.8m held personally by Mr Raptis and wife Helen, including a 2018 Lexus, shares in Telstra and the contents of multiple bank accounts.

The documents detailed the balances of eight accounts, totalling $744,047 as at September 20, held by Mr Raptis solely or jointly with wife Helen.

They detailed a half-share in a 2018 Lexus worth $97,050, Telstra shares worth $16,600 owned solely by Mr Raptis and another Telstra holding worth $16,600 held jointly by him and Helen Raptis.

The court documents said Mr Raptis had shares in ASX-listed investment company CVC Limited that were worth $343,087 as at September 27.

A company named CVC Loan Managers holds a second priority mortgage over the Paradise Waters home for an unknown sum.

The court also ordered a freeze on assets of Northernson, a company which owns the Raptis family’s Paradise Waters home, which the ATO has estimated to be worth $20m.

Assets worth $83.2m belonging to Northernson, which is solely directed by Mr Raptis, are subject to the orders.

Assets of up to $23.8m held by Hanslow Holdings, which is solely directed and owned by Mr Raptis, were also frozen, along with $23.8m held by Kingsriver Services, which is solely directed and owned by Malcolm Cory.

Mr Cory is also company secretary of the ASX-listed Raptis Group.

A freeze was also placed on $23.8m of assets held by eight other companies, many of which are jointly owned by Mr Raptis, his son Evan and wife Helen.

The companies own various development sites in Broadbeach and Surfers Paradise.

According to the court documents, companies controlled by Mr Raptis and his family also own a property of unknown value or address in Athens, Greece.

The court also ordered a freeze on $26.4m in Australian assets of a UK-based company, Sevinhand. The Australian Taxation Office alleges Mr Raptis has interests in Sevinhand, a claim denied by Mr Raptis.

Sevinhand holds a first priority registered mortgage over the Paradise Waters home, the court documents said, as well as a four million-share holding in the ASX-listed Raptis Group.

Justice Berna Collier said she was satisfied Mr Raptis had “a beneficial interest” in the companies which held the assets.

Evan Raptis, Helen Raptis and Jim Raptis in 2012. Picture: Michael Chambers

The ATO is seeking $23.8m plus further interest from Mr Raptis; $59.4m from Northernson as trustee for the Northernson Trust and $26.5m from Sevinhand.

According to the court filing, the ATO alleges Mr Raptis has a long-time association with criminal accountant Vanda Gould, who was convicted for providing offshore tax avoidance services for Australian taxpayers.

The ASX-listed Raptis Group, which is not subject to the court orders, last traded at 3.3c.

Past Raptis projects include Southport Central, Hilton Surfers Paradise, Towers of Chevron Renaissance and Bundall’s Corporate Centre, among many others.

Developer Jim Raptis.

Raptis Group first listed on the ASX in 1986 but has twice been ­delisted, in 1991 owing ­investors $65 million and most recently in 2008 owing ­creditors $1 billion.

In 1991, it struck a deal which saw creditors recover just 3.5 cents in the dollar and in 2014 whittled down a $30m Australian Taxation Office bill related to the billion-dollar collapse to just $6.

In 2014 and 2015, two Jim Raptis companies used to develop the Sapphire building at Labrador went into liquidation with combined debts of $11.03m.

In 2019, Jim Raptis won a legal battle to keep his Queensland builder licence after a Supreme Court Judge ruled in his favour against the state’s construction regulator.

The riverfront Paradise Waters home was built on land bought from Sunland group’s Soheil Abedian for $3.175 million in 2002.

The completed home was unsuccessfully marketed for sale in 2011-13 as “a contemporary four-level mansion, possibly the Gold Coast’s most luxurious residence”.

The home is owned by frozen Raptis company, Northernson, of which Mr Raptis is sole director but has no direct ownership.

That company’s sole $1 share is owned by Biggera Waters woman Merilee Lisle, who court documents said was an employee of Raptis.

The ATO alleges Northernson controlled a discretionary trust of which Mr Raptis, his relatives and associated companies were eligible beneficiaries.

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Originally published as Bank balances, property of Jim Raptis, relatives and companies revealed as mansion, assets frozen after ATO probe