A Sydney businessman and his firms have been ordered to pay more than $13 million in penalties for encouraging clients to lodge over-inflated, inaccurate or unsubstantiated claims for research and development tax breaks.
The tax office has hailed it as an enforcement win and issued a warning to others not to abuse the generous innovation scheme, which relies on declarations and spot audits.
The Federal Court this week ruled in favour of the Commissioner of Taxation over a long running battle with Julian Bakarich, his company co-director Thi Cam Tu Nguyen, and their related entities.
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