$65m fraud probe

The Australian Taxation Office is investigating companies in the gold bullion industry suspected of GST fraud totalling more than $65 million.

The ATO, Australian Federal Police and Australian Crime Commission executed search warrants on Tuesday on premises associated with gold companies.

The ATO and AFP would not say if these companies were WA-based.

It is alleged the companies fraudulently claimed GST credits and failed to report GST correctly. They formed syndicates to conceal the true nature of their activities and to avoid detection, it is claimed.

“The majority of businesses do the right thing, however, the ATO will pursue those that choose to engage in illegal behaviour,” ATO deputy commissioner Greg Williams said.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting