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The Australian Taxation Office (ATO) has welcomed the conviction of two men for tax offences following successful investigations under the Serious Financial Crime Taskforce (SFTC).
The ATO said that a 61-year-old former financial advisor was last week sentenced for five years and nine months for tax fraud offences totaling over AUD700,000 (USD517,026). He used a scheme involving a number of offshore entities and trusts to hide income and conceal the return of this income to Australia.
The conviction follows the prosecution in April of a 55-year-old former insurance company director who used offshore entities in Vanuatu to conceal AUD4.6m in income from the ATO.
The SFCT was launched in July 2015. It is led by the Australian Federal Police, and includes representatives from the ATO, the Australian Crime Commission, the Attorney-General's Department, AUSTRAC, the Australian Securities and Investments Commission, the Commonwealth Director of Public Prosecutions, and the Australian Border Force.
ATO Deputy Commissioner Michael Cranston said: "We use every resource available by working closely with partner agencies to identify and prosecute these criminals. Those who commit tax fraud are stealing from the entire community and will be brought to account for their actions."
He added: "By sharing intelligence under the Taskforce we can build a detailed understanding of the criminal activity and ensure offenders face the full force of the law."
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