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Australia – Plutus Payroll collapse leaves Tax Office with AUD 100 million hole (Australian Financial Review)

15 January 2018

Approximately AUD 100 million (USD 79.6 million) has disappeared from Australian labour hire firm Plutus Payroll, which last year was at the centre of the largest tax fraud case in Australian history, reports the Australian Financial Review. In a report to creditors, Deloitte Financial Advisory estimated that Plutus Payroll Australia, which had total debts of AUD 44 million (USD 34.9 million), would be left with a "deficiency" of AUD 30 million (USD 23.8 million) on a conservative basis. Deloitte said it could not yet even estimate how much money it could recover of the AUD 92 million (USD 73.1 million) owed by nine other Plutus Payroll group companies also involved in the liquidation. But if the same 31% rate of recovery holds, the Australian Tax Office, which is owed all but AUD 2 million (USD 1.6 million) of the debt, will be down about AUD 100 million (79.6 million) on the AUD 136 million (USD 108.1 million) of debt.

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