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Episode 7 of Tax Lore unveils a fairytale still believed by the ATO. Harrison details the Tax Office embarking on a relentless 60-year quest against professionals and making up the story as they go. Through the gripping tales of landmark cases such as Peate, Everett, and the Phillips Case, we are drawn into a complex battlefield where laws are very sharp, and everyone gets more than a few cuts.
As the saga unfolds, the episode intricately explores the labyrinthine strategies employed by doctors, lawyers, accountants, and other professionals to navigate through the tempest of tax legislation and the anti-avoidance laws. Their quest to shield their earnings from the ATO's grasp is on-going, with drama still happening on Everett Assignments in Big 4 accounting firms and other practices. The narrative questions the blurred lines between legal tax minimisation, tax avoidance, and whether the ATO really has any leg to stand on or if they continue to perpetuate fairytales.
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Join us for Episode 6 of Tax Lore as we delve into the notorious Enron scandal and Arthur Andersen's collapse, a tale of deceit, greed, and corruption that rocked the corporate world and led to one of the largest bankruptcies in U.S. history.
We'll be pulling back the curtain on the key orchestrators of this financial catastrophe, former Enron CEO Jeffrey Skilling and CFO Andrew Fastow. We'll explore how their relentless ambition and reckless disregard for ethical boundaries led them down a dangerous path of financial manipulation and fraud.
At the heart of this scandal is the now defunct Big 5 firm Arthur Andersen. Enron and Arthur Andersen used a labyrinth of special purpose entities (SPEs), complex financial structures used to hide Enron's mounting debt and artificially inflate its profits to prop up the stock price. These shadowy entities, while technically legal, were used in a game of smoke and mirrors that deceived investors and regulators alike.
But as with all great crime stories, justice eventually caught up. The fallout from Enron's collapse was seismic, leading to sweeping changes in corporate governance laws, including the enactment of the Sarbanes-Oxley Act of 2002. This landmark legislation was a direct response to the Enron scandal, aimed at preventing such egregious corporate misconduct in the future.
So, buckle up as we journey into the dark heart of one of the biggest corporate scandals in history, unraveling the intricate web of deception that was the Enron scandal and its profound impact on the world of tax and corporate governance. This is a story you won't want to miss.
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Puuttuva jakso?
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Join us for Episode 5 of Tax Lore on the much requested Big 4 firm, PwC (Price Waterhouse Coopers), tax leak scandal with Australian international tax partner Peter Collins at the centre. We delve into the timeline and the public details of this significant event that sent shockwaves through Australia's largest accounting firm, government and is making headlines in the media in 2023.
In 2016, the Australian Tax Office (ATO) detected multinationals swiftly restructuring their affairs to evade the newly implemented Multinational Anti-Avoidance Law (MAAL). The ATO's diligent compliance teams sprang into action, conducting audits, reviews, and issuing Taxpayer Alerts to thwart potential tax avoidance schemes.
Despite obstacles such as a dispute around Legal Professional Privilege (LPP), the ATO's persistence paid off as they obtained access to internal PwC emails, revealing that confidential information was leaked within PwC and creating concerns about artificial schemes promoted by the firm. This ultimately led to the formal referral of the matter to the Tax Practitioners Board (TPB) in 2020, resulting in significant consequences for Peter Collins and PwC.
As of publication, the AFP is still investigating and criminal charges have not been brought.
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Join us on Episode 4 of Tax Lore as we delve into the bizarre deductions of Gary Ogden. The Ogden case is the most notorious and laughable case for pushing the limits of what could be claimed as legitimate expenses.
We explore the strange deductions that raised eyebrows with the Australian Taxation Office, especially so when Ogden's tax agent, David McNeice, was well known for bizarre deductions. Ogden's claims included asserting that his young son provided secretarial services, 39 packets of Monte Carlo biscuits, and even claiming a Dora the Explorer pencil case and crayons as "stationary". Member Frost of the Administrative Appeals Tribunal summarises this case well in one word - "Disgraceful".Tune in to discover all the audacious deductions in detail and what happened to the tax agent who helped Ogden claim them.
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Join us on Episode 3 of Tax Lore as we unveil the secret life of tax evasion in the captivating story of the Bywater investment cases and Mr Vanda Gould. With a roster of high-profile clients and religious connections, Gould was a high-profile accountant himself. Using complex structures in the Bahamas and Cayman Islands, plus his own bank in Samoa, he facilitated intricate tax avoidance schemes that drew the attention of tax authorities.
We explore the early life of Vanda Gould and his colourful experiences, the ATO disputes, criminal charges and arresting associates while they tried to flee the country, culminating in the High Court of Australia rejecting his last appeal. Beyond the courtroom drama, we shed light on Gould's dual life as a devoutly religious individual with the Anglican church and what a leading tax justice called “the worst case I have ever come across in my entire career”.
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In this episode of Tax Lore, Harrison uncovers the underbelly of the Plutus Payroll case, a blatant tax fraud scheme with criminal convictions and $105m lost to the Commonwealth. The main playersare Adam and Lauren Cranston, the children of disgraced ex-Deputy Commissioner of Taxation Michael Cranston, Simon Anquetil, a serial entrepreneur with a taste for phoenixing, Dev Menon, the tax lawyer who held it all together, and the late Peter Larcombe, called "a thug in a suit". Together, they executed on a blunt but also elaborate plan to defraud the ATO by creating a network of fake companies for payroll management, and siphoning off money due to the ATO. Tune in to learn more about this audacious tax fraud that captivated the nation.
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In this episode of Tax Lore, Harrison discusses one of the largest tax evasion cases in Australian history, involving NeuMedix, a company controlled by Michael Issakidis and Anthony Dickson. The evasion was done by using a complex company arrangement in the Cayman Islands, massively overvaluing IP for medical tech they acquired and then depreciating it, using tax deductions to make actual income tax-free. The impact was approximately $135m AUD in tax evaded by falsely claiming $450m worth of tax deductions for depreciating IP.
Between 2006 and 2010, more than $450m of depreciation was claimed on medical tech, fraudulently valued at over $3 billion.
The courts convicted Issakidis and Dickson of criminal offences and both are in jail currently. More than $40m of assets were seized, including a mansion in Northbridge, in Sydney's affluent North Shore.
