Miner guilty of $7m tax fraud.

Australasian Business Intelligence, December, 2006

Byline: Colin James

Dec 12, 2006 (The Advertiser - ABIX via COMTEX) -- A South Australian jury has convicted Maxwell John Reid of large-scale taxation fraud. The court had heard he and his accomplices lodged fake claims for goods and services tax refunds for opal mining businesses that did not in fact exist with the Australian Taxation Office, and collected $A6.9m illegally between 2000 and 2001. Reid is also an undischarged bankrupt and was previously banned from operating a business until 2036. His actual company Gemstone Exploration was never profitable, and he invented close to another 50 related entities for the fraudulent scheme.

Publication Date: 13 December 2006

AUSTRALIAN TAXATION OFFICE

GEMSTONE EXPLORATION PTY LTD...

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