RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: OZschwitz slave pen: Director faces $36m unjust tax bill on Vanuatu deal Tue Jul 14, 2009 4:02 am | |
| A FORMER director of Murchison Metals and backer of the Sydney Swans, Phillip Grimaldi, has agreed he should pay more than $36 million in tax and penalties to the Tax Office for his part in a massive tax-avoidance scheme.
The Sydney property developer Garry Bonaccorso has also agreed he is liable to pay $3.5 million in tax and penalties.
The pair were able to avoid tax by funnelling millions of dollars through a series of New Zealand bank accounts. The money was disguised as consultancy and management fees when it left Australia, and was then sent back disguised as a loan.
Mr Grimaldi used the proceeds of the scheme to buy a $300,000 Bentley, a $645,000 boat and to fund a shopping spree at British retailer Harrods.
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