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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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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

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.

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

By Reporter

February 04 2019
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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.

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