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Monday, October 28, 2024

How Corporate Vehicles Conceal Crime and Chicanery

Meet Kirsten Fish, Acting Commissioner this week, the woman working to make the Australian Tax Office a respected and trusted source on all things tax law.


How Corporate Vehicles Conceal Crime and Chicanery

Financial vehicles designed to conceal wealth and questionable activity fuel corruption and crime while allowing perps evade accountability



Filomena Kyriacou - The Snitch: Accountant mentioned in two major tax fraud cases


With just three sleeps to go until the October 31 personal income tax return deadline passes, you might be tempted to “forget” a few things when it comes time to record your income.
That might include the odd dollar or two you made trading in the supposed anonymous world of cryptocurrency, the side-hustle buying and selling junk on Facebook’s Marketplace or even the interest you earned on that European bank account you inherited from Grandma.
There’s a good chance the Australian Taxation Office has you in its sights already — and if you do decide to try it on, a “please explain” letter might soon replace the tax refund notice you are expecting.
In the past, dodging tax was almost a national pastime. These days, however, things have changed dramatically.

Nick Bruining: Incredible and unusual places the ATO searches to catch out Aussie tax dodgers


The NY Times Editorial Board: “Donald Trump says he will prosecute his enemies, order mass deportations, use soldiers against citizens, play politics with disasters, abandon allies. Believe him.”



‘Where are the garments?’: High-end boutique Harrolds took deposits on designer suits weeks before $16 million collapse” (theage.com.au)



Lawsuit Argues Warrantless Use of Flock Surveillance Cameras Is Unconstitutional 404 Media


ASIC confirms probe into MinRes’ decade-long ‘tax dodge’



What do Harris and Trump gain from all these podcast appearances?

The candidates have appeared on popular shows hosted by Theo Von and Alex Cooper, among others. They offer something different than traditional news.


What if honesty really is the best policy in politics? Oren Cass, FT


Mineral Resources executives purchased discounted equipment amid tax probe

Mineral Resources (ASX:MIN) founder and managing director Chris Ellison, along with former director Tim Roberts, purchased mining equipment from the company's subsidiary at steep discounts for their New Zealand estate.
The two executives acquired heavy machinery in 2017 for their luxury Halfway Bay Station at rates significantly below market value.
An invoice addressed to Halfway Bay Station listed 13 items, including tractors, excavators, and generators, for a total of $343,000.

Comparisons with current market prices show that similar equipment would cost at least three times that amount today.
For instance, a Caterpillar bulldozer sold for $56,000, but a comparable model is now worth more than five times that figure.

The sale, approved by then-chairman Peter Wade, has surfaced amid investigations into alleged tax evasion involving Ellison.

The Australian Securities and Investments Commission and external counsel are examining an offshore scheme where executives, including Ellison, allegedly profited $7 million between 2006 and 2009 by inflating machinery sales through a British Virgin Islands company.

MinRes chairman James McClements has downplayed concerns, calling the sales a private matter and stating the contracts predated the company’s public listing.

However, the issue continues to draw scrutiny as Roberts denied purchasing equipment below market value, insisting no discounts were requested. Ellison and Roberts co-owned the 18,000-hectare Halfway Bay Station, which they bought in 2016. The property was sold for $NZ30 million ($27 million) in 2022.

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