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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Thursday, 04 June 2020

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Tax fraud tops watch list again as man jailed, set to repay $130k

By Reporter · February 04 2019

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Tax fraud tops watch list again as man jailed, set to repay $130k

By Reporter
February 04 2019

Reading:

Tax fraud tops watch list again as man jailed, set to repay $130k

By Reporter · February 04 2019

Reading:

A man has been arrested and sentenced to jail after he fraudulently obtained over $130,000 – and it was car and property-related purchases that sparked the interest of the ATO.

On Friday, the Maroochydore District Court sentenced David Latemore to two and a half years in jail for GST fraud.

Between October 2008 and February 2013, Latemore lodged eight BAS and fraudulently obtained $138,723 in GST refunds and attempted to obtain a further $962,772.

Although Latemore stated that he was the director of a motor vehicle and yacht business, an ATO audit found the company had no business activity, did not make any business sales or purchases, had not paid any GST and had no entitlement to receive the GST refunds claimed.

The court also found these claims to be entirely fraudulent. He also supplied false documents to the ATO to support his claims.

The audit found that Latemore used the money obtained to fund the purchase of items intended for personal use including property and motor vehicles.

The ATO audit was prolonged due to extensions sought by Latemore during the audit period time to provide required information.

ATO assistant commissioner Peter Vujanic said the court’s decision is a reminder of the seriousness of refusing to engage with the Tax Office.

“The ATO has sophisticated systems in place to detect deliberate attempts to commit fraud and we will rigorously pursue taxpayers who are found to be cheating the system through the court system,” said Mr Vujanic.

“This wasn’t an honest mistake by a small business owner trying to do the right thing – it was a calculated and deliberate attempt to commit fraud and steal money from taxpayers.”

This is the second case of GST fraud in the space of two weeks, with the NSW District Court earlier sentencing a Manly man to six years in jail for causing a loss of $3.4 million to the Commonwealth.

The tax office has made it abundantly clear that it's not standing for dodgy deductions this tax time. Read more on what is ATO cracking down on this year.