Wednesday, November 26, 2014

Mick Gatto defies taxman over $10 million bill

The Australian Tax Office has rejected an offer of $500,000 from Mick Gatto to settle his outstanding $10 million tax bill amid concerns the underworld figure has concealed his wealth among family members and associates.

Despite a sprawling mansion in Lower Plenty, a luxurious holiday house on the Mornington Peninsula and a Rolls-Royce Ghost, Melbourne's most persuasive debt collector and industrial mediator holds most of his assets in other people's names.
Mr Gatto's bank accounts were frozen after the tax office slugged him with the $10 million bill in November 2012, alleging he owed $2.6 million in personal tax, $4 million for one of his companies, and $3.4 million on behalf of his wife and children.

But the ATO audit is believed to have shown that Mr Gatto does not have any substantial assets registered under his own name. A $2 million mansion and $1.7 million holiday house have been owned by immediate family members for several years.