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Wednesday, August 5th, 2020

Tinkler’s taxing times

by August 20, 2016 General

THE Australian Tax Office is in court chasing more than a dozen companies formerly owned by bankrupt billionaire Nathan Tinkler.

Chased: Companies once owned by bankrupt former billionaire Nathan Tinkler are in the Australian Tax Office's sights, and are being chased in court.

Chased: Companies once owned by bankrupt former billionaire Nathan Tinkler are in the Australian Tax Office’s sights, and are being chased in court.

The Tax Office has charged the companies with refusing or failing to provide information relating to the lodging of tax returns, in proceedings initiated in January.

The former Tinkler companies include Boardwalk Investments Australia and Boardwalk Resources, Queen Street Capital and Queen Street Capital as trustee for Queen Street Capital Investments, Tinkler Group Holdings, Tinkler Administration Pty Ltd, Oceltip Investments, Oceltip Property and Oceltip Investments No.2 trustee for the Tinkler Family Trust.

The Tax Office has also charged Hunter Sports Group, Hunter Sports Group Holding, Hunter Sports Special Events and Hunter Valley Sports Group with refusing or failing to provide requested information relating to tax returns.

No company representatives appeared at Sydney Downing Centre Local Court on Tuesday when the matters were listed for the second time, and no pleas have been entered.

Action against the companies is in addition to Tax Office action in the Queensland Supreme Court over $10 million in tax allegedly owed by two former Tinkler companies, and separate action against former Tinkler company directors Darren Williams for $900,000 in unpaid company tax, and Troy Palmer for $1.7 million.

Both men have said the tax is owed by Mr Tinkler, and not them. Mr Williams said Mr Tinkler ran his empire as a “fiefdom”, while Mr Palmer said he had “no real power” in his job “other than what I was told to do by Mr Tinkler”.

Mr Tinkler was declared bankrupt on March 2, over a $2.8 million debt for his private jet that was impounded in Singapore.  

This week bankruptcy trustee John Melluish is reported to have calculated Mr Tinkler’s debts at $433.6 million to secured creditors and $3.4 million to unsecured creditors.

Mr Melluish also disclosed two surprising undeclared debts – $138,598 on a MasterCard Diamond Awards card and $132,738 on a Visa Platinum.

In February Mr Tinkler outlined his debts and assets, declaring he had $2000 in cash, no bank accounts and a property near Port Macquarie.

The Tax Office action in Sydney against the former Tinkler companies will return to court in late April.