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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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$180k all for himself: Tax fraudster took advantage of clients

By Grace Ormsby

September 07 2020
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Earn

$180k all for himself: Tax fraudster took advantage of clients

By Grace Ormsby
September 07 2020

A Mount Druitt tax professional will spend time behind bars after he was found to be lodging false tax return amendments on behalf of clients without their knowledge.

$180k all for himself: Tax fraudster took advantage of clients

By Grace Ormsby

September 07 2020
Share

A Mount Druitt tax professional will spend time behind bars after he was found to be lodging false tax return amendments on behalf of clients without their knowledge.

These claims, which mostly related to car and medical expenses, resulted in an extra $156,000 in refunds that went straight to his bank account, the Australian Taxation Office has reported.

Mr Hussain Nazeer was formerly a registered Business Activity Statement (BAS) agent and had also lodged 22 fraudulent income tax returns for 14 clients between 2010 and 2013, resulting in $23,000 in refunds he also kept for himself.

According to a statement, Mr Nazeer’s clients had all provided honest information about their income and deductions, but he had submitted different information in their returns.

He was sentenced to one year and eight months jail in the Sydney District Court after pleading guilty “to dishonestly causing a loss to the Commonwealth of nearly $180,000 by lodging false income tax returns and amendments without his clients’ knowledge”.

Mr Nazeer will also be required to pay $179,826 in reparation.

Commenting on the court decision, assistant commissioner Adam Kendrick welcomed the sentence, while acknowledging that tax and BAS agents play a vital role in contributing to and protecting the integrity of the Australian tax and super systems.

“The majority of registered agents do the right thing, but unfortunately there are some agents who take advantage of their trusted position for financial benefit,” he outlined.

“As demonstrated in today’s case, even registered tax professionals can be dishonest and take advantage of their clients. That is why it’s important for the ATO to maintain the integrity of the tax profession and weed out those who try to undermine their trusted position.”

Mr Kendrick flagged that the ATO has a program dedicated to identifying and addressing agents whose behaviour has an immediate and ongoing threat to the integrity of the tax and super systems, their clients and the wider Australian community.

“Mr Nazeer’s actions showed a complete disregard for not only the law, but also his clients’ trust by lodging fraudulent tax returns and amendments in their names,” he concluded.

Mr Nazeer is no longer registered with the Tax Practitioners Board and has not been since April 2016.

The ATO reminded taxpayers that anyone who is concerned about the conduct of a tax practitioner can report them to the TPB here.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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