ATO targets advisers involved in offshore tax evasion

ATO targets advisers involved in offshore tax evasion

the ATO says that as part of its focus on offshore tax evasion, it has:

  • visited seven adviser firms linked to offshore arrangements; and
  • contacted more than 100 parents who had school fees paid from, overseas bank accounts.

It has compiled a list of 100 advisers and promoters operating globally that have a direct link with people who may have evaded taxes.

Deputy Commissioner Michael Cranston said that ”The intelligence picture we now have has been built from information taxpayers disclosed under Project DO IT about the adviser who put them into the offshore arrangements, data mining and client records seized from advisers in transit.”

”We’ll be visiting Australian advisers, including tax agents, legal advisers, financial institutions and stockbrokers to obtain their full client lists and identify those who have failed to come forward and clean up their tax arrangements under Project DO IT.”

The school fees involved information obtained from about 60 private schools around Australia showing parents who have had school fees paid from an offshore account or related offshore entity.

Th ATO has checked this information against income tax returns and is following up discrepancies with parents who may have failed to declare their offshore interests.

Mr Cranston said ”There is nothing wrong with having an offshore account, but you need to pay tax on the interest or earnings.”

Ref: ATO Media Releasse 8 December 2015

 

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