Lawyer jailed for 12 years for tax fraud
The ATO has reported that five people have now been found guilty in the Supreme Court of NSW for their roles in a syndicate alleged to have conducted a $105m tax fraud over 3 years which came in the wake of arrests following “Operation Elbrus” conducted by the ATO and the Australian Federal Police (AFP). The ATO said that a Sydney lawyer was sentenced to 12 years jail in June 2022 for his role in knowingly dealing with the proceeds of crime, being amounts blackmailed from offenders participating in a syndicate that defrauded the Commonwealth of more than $105m in unpaid tax. The lawyer was found guilty of dealing in proceeds of crime. He received a non-parole period of 7 years and 6 months. Assets in a trust account controlled by the lawyer were also restrained.
Vic: Updated information on windfall gains tax
The Victorian State Revenue Office (SRO) has updated its information about the windfall gains tax, including answers to frequently asked questions. The Victorian SRO also advise that the windfall gains tax provisions allow the Government to prescribe deductions that can reduce the taxable value uplift, but that at this stage the Government has decided not to prescribe any allowable deductions.
ATO: Super processing schedule
The ATO has released details of its superannuation remittance and recovery processing schedule for SuperStream for March 2023 and April 2023.
