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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

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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Luxury property developer headed for jail, ATO signals clampdown

By Reporter

January 29 2019
Share

Invest

Luxury property developer headed for jail, ATO signals clampdown

By Reporter
January 29 2019

Serving as a caution to would-be property investors, one luxury property developer is headed to jail after it was found he caused a loss of $3.4 million to the Commonwealth.

beach suburbs aerial cityscape ato luxury property developer ato clampdown

Luxury property developer headed for jail, ATO signals clampdown

By Reporter

January 29 2019
Share

Serving as a caution to would-be property investors, one luxury property developer is headed to jail after it was found he caused a loss of $3.4 million to the Commonwealth.

NSW-based Benjamin Ensor was sentenced in the NSW District Court to six years in jail and ordered to pay reparations of more than $1.8 million.

Mr Ensor’s conviction came after an ATO investigation found he had structured his companies to fraudulently obtain GST credits and failed to report property sales to avoid paying GST, causing a loss to the Commonwealth of $3.4 million.

Between 2008 and 2011, Mr Ensor lodged false BAS statements on behalf of nine companies of which he became the sole director, using the money he obtained to fund the purchase of luxury items including a marina at Lake Macquarie, a catamaran and a unit to live in.

The funds were also used to meet expenses incurred during the course of developing five beachfront luxury apartments in Manly.

Mr Ensor reported his companies’ expenditure was more than $24 million and claimed more than $2.2 million in GST refunds.

He also failed to report the sales of the Manly apartments on which he should have paid GST of more than $1.5 million.

In making his GST refund claims, Mr Ensor created false invoices that showed related companies provided project management services, and produced fraudulent invoices for the purchase of high-value excavators, trailers, trucks and catamarans.

ATO assistant commissioner Aislinn Walwyn said that the conviction represented the agency’s stance against illegal phoenix behaviour and tax crimes.

“This case exhibits classic illegal phoenix behaviour. Companies were deliberately liquidated to avoid paying creditors and taxes. New companies continued operating the same or a similar business with the same ownership,” Ms Walwyn said.

“Illegal phoenix activity is a serious threat to the integrity of the tax and superannuation systems and costs the community billions of dollars every year.

“As part of the multi-agency Phoenix Taskforce, the ATO is committed to taking strong action against illegal phoenix activity to protect all Australians.”

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