
It may be too late for 7,000 Australian holders of accounts with the tax haven branches of Australian based banks to make voluntary disclosures of their as yet untaxed offshore tax haven interest income.
Writing in the Australian newspaper today Susannah Moran reports that as part of the Australian Tax Office’s (ATO) ongoing Project Wickenby tax evasion investigations, Australian banks have handed over “…information on a large number of people with bank accounts in offshore jurisdictions”.
The banks conceded this information following a decision of the Full Federal Court in the Read more