Earn
Major bank exec convicted over fraudulent tax claims
A major bank executive has been convicted and fined after attempting to obtain tax refunds close to $25,000 in work-related expenses.

Major bank exec convicted over fraudulent tax claims
A major bank executive has been convicted and fined after attempting to obtain tax refunds close to $25,000 in work-related expenses.

Sydney man Mario Seifried has now been handed a criminal conviction and fined $1,500 after appearing before the Downing Centre Local Court on Tuesday.
Mr Seifried, an executive manager at Commonwealth Bank (CBA) at the time of the offence, had lodged two income tax returns for the 2016 and 2017 financial years, falsely claiming a range of car, travel, self-education and other work-related expenses that he had not legitimately incurred.
In his 2016 return, Mr Seifried claimed to have incurred more than $15,000 worth of travel expenses for overseas conferences, but the bank had no record of him submitting any international or domestic travel requests for this period.
Records obtained from the Department of Immigration and Border Protection also confirmed that he did not leave the country during the 2016 financial year.
On the self-education front, Mr Seifried attempted to claim expenses for a course his employer had already paid for and a Master of Business Administration that he had already undertaken.
The ATO noted that Mr Seifried wrongfully obtained $24,239 in refunds, but has since repaid this amount.
According to his LinkedIn profile, Mr Seifried left CBA in mid-2019, and is now the head of anti-financial crime at National Australia Bank.

Tax refund
Does Australia need an aged care tax?
The aged care royal commission has given the country a once in a generation opportunity to fix the aged care sector by increasing the tax rate, an industry expert has revealed. ...Read more

Tax refund
Expats cautioned over COVID-19 tax traps
With thousands of Australian expats either returning or planning on heading home following the COVID-19 pandemic, an accountant has urged them to look into their tax affairs to avoid a hefty tax bil...Read more

Tax refund
80¢ per hour work-from-home deduction method extended
Taxpayers continuing to work from home in the new year will be allowed to continue using the simplified working-from-home deduction method following a third extension by the ATO. ...Read more

Tax refund
The $40bn hidden tax hurting Australian businesses
Businesses rewarding hard-working staff with a Christmas bonus are paying for it through compliance costs associated with Fringe Benefit Tax (FBT), an industry expert argues. ...Read more

Tax refund
Government tackles ATO scams with new telco rules
New rules that require telcos to detect, trace and block scam calls have now been registered, as such scams, including ATO impersonation scams, cost Australians $36 million in 2020 so far. ...Read more

Tax refund
ATO extends eBay, Amazon data-matching program
Up to 30,000 eBay and Amazon sale transactions are set to be scrutinised by the ATO as it looks to identify taxpayers who may be failing to meet their tax obligations. ...Read more

Tax refund
Victoria unveils new payroll tax break
Victorian businesses that re-employ or hire new workers over the next two years are set to receive a new payroll tax credit, as the state government unveils a range of tax measures aimed at stimulatin...Read more

Tax refund
Is it time for a national EV tax?
The Australian Automobile Association has called for a national EV tax as state regulators continue to introduce taxes to offset fuel losses. ...Read more

The continued property boom, ethical investing and engaging with your super fund
Listen now

Property spike, bitcoin rally, Musk’s Twitter power and the super debate
Listen now

Our expert panel addresses top concerns in personal wealth creation
Listen now

Capitalising on the COVID-19 pandemic
Listen now

Tax refund
Does Australia need an aged care tax?
The aged care royal commission has given the country a once in a generation opportunity to fix the aged care sector by increasing the tax rate, an industry expert has revealed. ...Read more

Tax refund
Expats cautioned over COVID-19 tax traps
With thousands of Australian expats either returning or planning on heading home following the COVID-19 pandemic, an accountant has urged them to look into their tax affairs to avoid a hefty tax bil...Read more

Tax refund
80¢ per hour work-from-home deduction method extended
Taxpayers continuing to work from home in the new year will be allowed to continue using the simplified working-from-home deduction method following a third extension by the ATO. ...Read more

Tax refund
The $40bn hidden tax hurting Australian businesses
Businesses rewarding hard-working staff with a Christmas bonus are paying for it through compliance costs associated with Fringe Benefit Tax (FBT), an industry expert argues. ...Read more

Tax refund
Government tackles ATO scams with new telco rules
New rules that require telcos to detect, trace and block scam calls have now been registered, as such scams, including ATO impersonation scams, cost Australians $36 million in 2020 so far. ...Read more

Tax refund
ATO extends eBay, Amazon data-matching program
Up to 30,000 eBay and Amazon sale transactions are set to be scrutinised by the ATO as it looks to identify taxpayers who may be failing to meet their tax obligations. ...Read more

Tax refund
Victoria unveils new payroll tax break
Victorian businesses that re-employ or hire new workers over the next two years are set to receive a new payroll tax credit, as the state government unveils a range of tax measures aimed at stimulatin...Read more

Tax refund
Is it time for a national EV tax?
The Australian Automobile Association has called for a national EV tax as state regulators continue to introduce taxes to offset fuel losses. ...Read more