Corporate Accountants has been placed in the hands of liquidators.
Corporate Accountants has been placed in the hands of liquidators.

Accountancy firm liquidated due to $255k ATO debt

GLADSTONE accounting firm Corporate Accountants has been wound up because it owes a quarter of a million dollars to the Australian Taxation Office.

The company's directors appointed liquidators John Shanahan and Clare Birnie on March 29.

The Gervase Consulting liquidators have launched an investigation into what led to the business's collapse and identify who the creditors are and how much they are owed.

Mr Shanahan told The Observer it was still early days in the investigation, but he could confirm the business's director placed it in liquidation due to the $255,000 debt owed to the tax department.

Corporate Accountants became well known for its involvement with the Bechtel tax saga between 2015-17, which impacted the tax returns of thousands of Curtis Island LNG construction workers.

The ATO audited accountants and Bechtel workers in relation to illegitimate claims, including for meals, tools, accommodation and travel.

Then business owner Bob Lamont launched a test case on behalf of one worker, but it was rejected by the Australian Appeals Tribunal.

Corporate Accountants changed its name earlier this year to Pinnacle Accounting and Business in a bid to leave the Bechtel saga in the past.

The renamed business will not be impacted by Corporate Accountant's collapse, Pinnacle office manager Katrina Neill said.

She said the business and former clients of Corporate Accountants were taken over by Brisbane law and accountancy firm, Carthew Chau and Co which has recently expanded into Gladstone in early March.

Carthew Chau and Co director Simon Chau said Pinnacle provided administration and bookkeeping services. He said the business arrangement had to be approved by the Tax Practitioner Board, and is due for review by the ATO later this month.

It was approved on the basis the Gladstone office must not lodge any tax returns.