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
The Australian Tax Office (“ATO”) appears to be aggressively opposing a South African emigre’s appeal against his A$21 million income tax assessments. The case of Mark Krok v Commissioner of Taxation NSD572/2013 is listed for a Directions Hearing on 7 November in Australia’s Federal Court.
In a speech to the CPA Congress
in Canberra on 17 October 2013, Tax Office (“ATO”) Second Commissioner Neil Olesen outlined plans for “push” tax returns for Australian individual taxpayers as from 2014. He said:
In the Australian Federal Court on Tuesday (8 October) Justice Perram allowed the Australian Tax Office (“ATO”) to use documents obtained in apparent breach of the exchange of the Tax Information Agreement (“TIA”) between Australia and the Cayman Islands.
