3 hours ago
1
A Perth businessman once linked to a high-profile collapsed building company is being pursued by the tax office for almost $7 million.
Deputy Commissioner of Taxation Julian Roberts filed a writ in the WA Supreme Court last week against Yusuf Khan, 36, seeking $6.87 million in personal income tax, penalties and interest.
The action relates to tax liabilities allegedly accrued over the income years ending June 30, 2016 through to June 30, 2020.
According to the writ, the debt includes $3.78 million in unpaid income tax and $2.74 million in penalties.
The claims have not yet been tested in court, and Khan has been approached for comment.
The legal action is the latest development in a series of business troubles surrounding Khan and his wife, Cynthia Lu, 34, the Perth “glamour couple” behind failed building company Modco Residential.
The company launched in 2020 promising rapid home builds, but collapsed into voluntary administration three years later amid mounting financial pressure and regulatory scrutiny.
Liquidators later revealed Modco faced almost $9 million in creditor claims.
Western Australia’s building regulator had earlier issued a rare public warning urging consumers not to enter into building contracts with the company amid concerns about its conduct.
Corporate records show Khan is currently listed as a director of WA Industrial Group Pty Ltd, based in the affluent inner-southern suburb of Mount Pleasant.
He has also previously served as a director of several companies that have since been deregistered, while Lu is currently listed as a director of a number of companies.
Lu was not named in the writ filed by the tax office last week.
Start the day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter.
