Government targets tax evaders
The Minister for Revenue and Financial Services, Kelly O’Dwyer, has warned Australians with links to Swiss banks that the Australian Taxation Office would be investigating the “true nature of their tax affairs”.
Following a joint international investigation, O’Dwyer confirmed that 578 Australians were identified by the ATO and other Serious Financial Crime Taskforce (SFCT) agencies as holding unnamed accounts with a Swiss bank.
She said while the ATO found the majority of Australians complied with their tax obligations, 106 taxpayers would be subject to a range of compliance actions immediately as a result of the findings.
“The ATO is investigating whether those taxpayers are using a sophisticated system of numbered accounts to conceal and transfer wealth anonymously to evade their tax obligations in Australia.”
In yesterday’s statement, O’Dwyer said the ATO identified that, in the past 10 years, the miscreant taxpayers have had 5,000 cross-border transactions worth over $900 million, with transactions ranging from anywhere between $25 and $24 million.
O’Dwyer warned taxpayers that the ATO was constantly receiving intelligence from a range of sources on advisers and taxpayers who engage in offshore tax evasion.
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