Brisbane accountant and property developer Earl Larmar has been found by the Federal Court to have engaged in a $29.8 million tax evasion scheme, involving the concealment of a decade’s worth of significant income. Once reportedly holding a personal net worth of $76.4 million, Larmar used his accountancy firm, EH Larmar & Co, to facilitate high-value property syndicates involving wealthy clients.

In a judgment handed down last week, the court determined that Larmar systematically hid nearly $28 million in assessable income between 2005 and 2014, declaring only $2.3 million on his tax returns. The ruling grants the Australian Taxation Office (ATO) authority to amend his previous tax filings, leaving Larmar liable for the substantial tax shortfall.

According to the court, Larmar claimed that millions in syndicate fees belonged to a corporate trust, yet he told financiers—including ING Direct—that these sums were part of his personal wealth in order to secure loan funding. The court heard he paid himself a $15 million personal "success fee" and regularly transferred business funds into personal accounts under the guise of untaxed "drawings" to cover family and personal expenses.

Larmar’s property syndicates specialized in rotating select wealthy investors—including his accounting clients and members of his church—through lucrative commercial property deals without public advertisement. A key transaction involved the 2008 purchase of a South Brisbane A-grade office building at 199 Grey Street for $84 million, acquired from a company owned by Australian Olympic swimmer Mark Stockwell. This building was later sold to AMP Capital for $92.6 million and housed major tenants such as the Queensland Health Department.

The court also heard that Larmar used syndicate funds to purchase two residential units in the Viridian Noosa Residences without investor consultation. He characterized this acquisition as a "very minor change" during proceedings.

The financial success of these syndicates was the main factor behind Larmar’s net worth growth from approximately $11.2 million in 2005 to over $76 million a decade later. However, Federal Court Justice Wheatley found that Larmar’s deliberate mischaracterization of these earnings met the legal definition of tax evasion, and rejected his attempt to eliminate the tax liability.

Through legal representatives, Larmar indicated he was reviewing the lengthy judgment but has not provided further comment.