Former financial adviser jailed for nearly 5 years on tax charges

Peter Martin Coleman's tax related offences occurred between July 2011 and July 2015. Photo / File

A former financial adviser who used Inland Revenue as a bank to prop up failing businesses has been jailed for nearly five years.

Peter Martin Coleman was sentenced yesterday in the Auckland District Court to 4 years and 9 months in prison after being found guilty of 41 tax related offences between July 2011 and July 2015.

Coleman's actions resulted in an actual loss to Inland Revenue of $1,071,837.49.

Inland Revenue spokesperson Tony Morris said Coleman was making his living operating failing businesses and filed GST returns so he would receive money from IR but didn't file returns if he would have to pay tax or GST.

"[Coleman] made continuing promises he would file documents, including outstanding income tax returns, as required by IR. We gave him many, remarkably generous time extensions to do that - and got nothing.

"He clearly had no intention of filing the documents. To do so would, of course, have revealed incompetent management and accounting practices. It would also have revealed his dishonesty.

"The evidence against him was overwhelming and the Judge in his case found him guilty on all charges."

Coleman's personal and company history includes company liquidations, un-paid tax debt, near bankruptcy, unpaid child support and hidden bank accounts to hide non-disclosed income in.

Coleman's 41 total charges were made up of 33 for knowingly providing false information in GST and income tax returns; 5 were for failing to provide information to IR with the intention of evading the assessment or payment of tax; and one each of evading tax, dishonestly using a document and using a forged document.