Woman jailed for GST fraud
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A Sydney woman was sentenced to seven years jail in the Sydney District Court for GST fraud of $506,511.
The woman was convicted of nine counts of obtaining a financial benefit by deception, six counts of attempting to obtain a financial benefit by deception and one count of dealing with the proceeds of crime. Between May 2002 and August 2003 she lodged 15 false activity statements for two separate businesses receiving $229,321 in refunds.
The Tax Office began investigating the claims and a further $277,190 in refunds were stopped by the Tax Office.
According to the Tax Commissioner Michael D’Ascenzo the Tax Office will take action against people who make false claims. In particular, they will closely monitor unusual and high value GST and income tax claims.
The Tax Office automatically checks refunds against a range of criteria before they are issued. Those found in breach of tax laws face serious consequences. So far, this financial year, a total of 44 people have been prosecuted for offences such as identity and refund fraud.
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About Ian Hounslow
Ian Hounslow has over 20 years experience in providing accounting and taxation services for small - medium sized private company groups of businesses. Ian started as a cadet with Thomas Davis and Co and worked for PriceWaterhouseCoopers before working as a manager at Camphin Boston. Ian is a Chartered Accountant and also holds an MBA, and specialises in tax planning and business advice for privately owned family businesses. Click here to arrange an appointment with Ian.
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