he he...Cranny...now would you rather have a known Australian...

he he...Cranny...now would you rather have a known Australian icon and legend going into bat for you.....or the following:





Tax office hits Grimaldi with $35m Wickenby bill

Susannah Moran | May 20, 2009

Article from: The Australian

THE Australian Taxation Office has moved against wealthy West Australian businessman Phillip Grimaldi, hitting him with a $35 million tax bill as part of Project Wickenby, the nation's largest tax probe.

The former Murchison Metals director is said to have more than $55 million sitting in bank accounts in Australia and New Zealand, as well as tens of millions of shares in listed Australian companies, according to court documents obtained by The Australian.

The tax office has taken urgent action to freeze Mr Grimaldi's assets, the Federal Court heard today, because he is embroiled in related court cases that are due to be resolved shortly.

If those cases are resolved in favour of Mr Grimaldi and others, including two Vanuatu-based companies, the tax office is concerned the assets may be dispersed.

Mr Grimaldi is said to be involved in schemes linked to Robert Agius, who was arrested last year in a blaze of publicity, accused of helping wealthy Australians avoid paying more than $100 million in tax.

Mr Agius is an accountant who was based in Vanuatu as a senior partner at accounting and business adviser PKF Vanuatu.

Mr Agius is facing criminal charges over the alleged tax scams and is on $3.5 million bail. He sat in the public gallery for part of yesterday's Federal Court hearing.

Businessman Garry Bonaccorso has also been hit with a tax bill, with the tax office demanding he pay a further $3.5 million in tax. His assets have also been frozen as part of the same application.

The assets have been frozen temporarily until further legal argument is heard later this week.

The court heard Mr Grimaldi owed $35 million to the tax office, but only $15 million of that was "presently payable". Mr Bonaccorso's $3.5 million was not yet due and payable, the court heard.

Yesterday, lawyers for two Vanuatu-based companies, one of them a subsidiary of PKF Vanuatu, tried to block a tax office order to produce a number of financial records concerning Mr Grimaldi's and Mr Bonaccorso's accounts.

Judge Peter Graham was told the notices ordering the companies to produce documents were "oppressive" as they covered four years, they had been given insufficient time to comply because the companies were in Vanuatu, and the documents were not being requested for a legitimate forensic purpose.

Justice Graham denied the Vanuatu companies' requests and ordered them to pay legal costs concerning the argument.

"It seems to me a weaker case could not have been advanced," Justice Graham said.

The court sat late in the day and broke several times for the parties to have settlement talks, as the court was told some respondents were close to resolving their differences.

Later this week several tax officers involved in the complex case will be required to give evidence in the proceedings, and may be required for cross-examination, the court heard.

The hearing continues.


http://www.theaustralian.news.com.au/business/story/0,,25509315-36418,00.html