Episode 1 - NeuMedix, Issakidis and Dickson - Tax Lost, $135m
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Episode 1 - NeuMedix, Issakidis and Dickson - Tax Lost, $135m
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About this listen
In this episode of Tax Lore, Harrison discusses one of the largest tax evasion cases in Australian history, involving NeuMedix, a company controlled by Michael Issakidis and Anthony Dickson. The evasion was done by using a complex company arrangement in the Cayman Islands, massively overvaluing IP for medical tech they acquired and then depreciating it, using tax deductions to make actual income tax-free. The impact was approximately $135m AUD in tax evaded by falsely claiming $450m worth of tax deductions for depreciating IP.
Between 2006 and 2010, more than $450m of depreciation was claimed on medical tech, fraudulently valued at over $3 billion.
The courts convicted Issakidis and Dickson of criminal offences and both are in jail currently. More than $40m of assets were seized, including a mansion in Northbridge, in Sydney's affluent North Shore.