Part of the 10m tax bill is a multi million dollar penalty because the ATO claims Karantzis managed his tax affairs with "intentional disregard" for his obligations.
The AFR also reported the ATO made serious allegations against Karantzis, notable of which was his alleged doctoring of information he provided to the tax office.
Benny might know the exact break down of the 10m debt, but I think from memory it is 60/40 tax owed/penalty.
Karantzis is disputing this, but the way the system works is that the ATO makes its decision and its then up to the taxpayer to pay or dispute.
Wa also have to wonder why the DPO was lifted around Christmas 2021? In a typical case like this it means Karantzis put up a bond which was equal to the debt raised by the ATO.
It should be noted he was on a plane leaving Australia the same day the DPO was lifted, and he did not subsequently appear in court to defend himself in the ASIC matter, though bizzarely implied he was in Australia via tweets at the time of the trial.
he is the real deal.
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