The Australian tax authorities are putting renewed vigour into their campaign against tax evasion by delving into the offshore finances of some of the country’s more wealthy individuals.
According to reports, the ATO (Australian Tax Office) is currently paying particularly close attention to sixty ‘high risk’ cases it has identified, in addition to eighty cases involving wealthy taxpayers who have invested in so-called offshore ‘mum and dad’ schemes, which the authorities say constitute illegal tax shelters.
In a bid to root out the more dubious tax arrangments, last month the ATO began to send letters to individuals and tax agents asking them to supply information on the transfer of funds to and from Australia “involving tax havens and other low-tax jurisdictions".
A forty-strong special compliance team has been created within the ATO, charged with tracing offshore transactions involving Australian taxpayers. According to some estimates, the amount flowing into offshore investments and accounts is in the region of $5 billion per year.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment