Two men jailed for Australia’s largest ever prosecuted tax fraud
Two men from NSW deliberately absorbed $450 million of otherwise assessable income through falsely created losses overseas to evade $135 million in corporate tax. The pair created a web of false identities to aid their deception and siphoned money through the UK, Hong Kong and the UAE via fake domestic and international companies to fund their lavish lifestyles. This approach resulted in $63 million in fraudulent gains. The scheme was described as incredibly complex and one of the largest tax fraud schemes detected in Australia.
One man was sentenced to 10 years and 3 months in prison and the other man was sentenced to 14 years in prison. This is the longest ever jail time for tax fraud and money laundering in Australia. The Australian Federal Police seized $54 million in assets including real estate, luxury cars and yachts.