Money Minute – May 19 2017 “Tax Scandal”

Tax Scandal

Ross Greenwood: But this alleged fraud is quite different  because it involves Adam Cranston, the son of one of our most senior tax officials.

Michael Cranston, is not only a deputy commissioner of the tax office, for the past two decades he spearheaded Australia’s attack on high net-worth individuals trying to minimise their tax.

He is our most senior tax attack dog –  think Project Wickerby that saw Paul Hogan pursued for eight years before he was exonerated.

That same project that saw music promoter Glenn Wheatley jailed – driving all of that – Michael Cranston.

Think The Panama Papers revealed last year, alleging massive tax abuse, think attacks on Phoenix companies  – all of it Michael Cranston.

The search warrant issued yesterday shows police accused Michael Cranston have seeking to defraud the Commonwealth.

If proven, that carries a maximum sentence of 10 years jail.

Also alleged is abuse of public office…that’s five years, and that he gained unauthorised access to tax records…maximum sentence two years jail.

So this is serious stuff.

Cranston will be charged when he appears in court but it’s not just Michael Cranston.

But also two other senior tax office officials who are probably amongst the top 20 in that organisation  according to the warrant.

Scott Burrows and Tony Poole Carcass gained unauthorised access to  tax records after a request  from Cranston son, Adam.

If proven, two years jail.

Well, all of this is a lesson for parents as well.

If your kids come into sudden unexplained wealth… you gotta ask why you might not get the answers you want but you might be able to avert them from danger before…

Newsletter – May 19th 2017

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