"In October, the Australian Taxation Office began an audit of Karantzis’ personal income tax affairs for the six years to June 30, 2020. On November 25, the ATO politely asked Karantzis to provide 14 days’ notice of his intention to leave Australia. On November 28, without telling the ATO, Karantzis applied to the Department of Home Affairs to depart for Cyprus. We now also know that on December 4, Karantzis transferred his Hawthorn home – his primary asset in Australia – into his wife’s name! Is it any wonder the ATO slapped a Departure Prohibition Order (DPO) on him on December 18?"
"In the ATO’s statement of reasons there is an entire section titled “Your attempt to depart Australia during our review of your tax affairs without notice to the Commissioner”. It comes right after the one called “Your steps to conceal your true tax position and those of your associates”. Karantzis’ supporters might want to skip the part where he allegedly doctored his bank statements."
"Comically, Karantzis claimed zero income in the three tax returns now in dispute, despite his salary (FY15: $200,773; FY16: $219,000; FY17: $228,125) being publicly disclosed in the iSignthis annual report lodged with the ASX! And he did not declare any interest in the British Virgin Islands entities that held/hold his shares in iSignthis, despite these entities – and his interest in them – being recorded in iSignthis disclosures to the ASX and in his mortgage application with the Commonwealth Bank. As we’ve said before, this guy is the real deal."
AFR
Well, sure enough the ATO recovery is not entirely about 'script for script' CGT issues, it actually goes much deeper. We are talking about an ASX listed CEO the ATO claims did not even report his publicly disclosed income on his tax return.
Are we going to see ISX 'independent' director resignations?
