The Federal Court has ordered a Perth entrepreneur to pay the Australian Taxation Office millions of dollars in outstanding tax liabilities.
Vlado Bosanac, the executive director of Greenday Corporate and co-founder of the My Fiziq app, has been ordered to pay the ATO $9.34 million.
Bosanac is a serial entrepreneur, advisor and business consultant. His specialties lie in capital raising and corporate restructuring, according to his LinkedIn page.
According to court documents, in October 2015, the ATO issued Bosanac with amended assessments of income for the income years ending June 30, 2006, and June 30 2013 inclusive, alleging he was liable to pay “substantial amounts of tax”.
At the time the ATO said Bosanac should also pay interest on the alleged tax liabilities, as well as a penalty. Overall the ATO said the amount owed was $9,156,464.86.
The ATO also alleged Bosanac’s wife, Bernadette Bosanac, owed the tax office $5.7 million.
When the matter was taken to court, Bosanac’s accountant gave evidence that the ATO made “material errors” in the amended assessments and argued the pair’s correct tax liability was in the region of between $1.65 million and $2.5 million combined.
However, the court ultimately rejected Bosanac’s arguments and ordered him to pay the ATO $9.34 million, which includes additional interest accrued after October 2015.
When contacted for comment, Bosanac referred SmartCompany to his lawyer.
Roger Blow, from Cove Legal, told SmartCompany his client is appealing the Federal Court’s ruling.
“It is therefore difficult to provide any further detail other than to confirm that in connected proceedings also brought by the ATO, the relevant tax liability has already been reduced to less than 5% of the sum originally claimed by the ATO,” Blow said in a statement.
“The correct figure to be paid by Mr Bosanac is still to be determined through the same objection process.”
This article was first published on SmartCompany.