The ATO on Fri 10.5.2013, advised that along with Tax Commissioners from the US and UK, it has obtained substantial data which reveals the extensive use of complex offshore structures to conceal assets by wealthy individuals and companies. It says preliminary analysis of the data indicates that the offshore structures are located in a number of jurisdictions including Singapore, British Virgin Islands, the Cayman Islands, and the Cook Islands.
According to the ATO, the data, while still being analysed, identifies more than 100 individuals who own the assets as well as accountants, lawyers and other professional advisers who represent them. It says the roles of these advisors who promote, design, implement, and maintain the offshore structures on behalf of others will also be subject to scrutiny.
Source: ATO media release No 2013/7, 10 May 2013
[LTN 88, 10/5/13]
[FJM Note: The Australian Financial Review reported on the same day:
“The ATO has obtained more than 2 million documents relating to accounts in Singapore, the British Virgin Islands, Cayman Islands and Cook Islands – a data set which bears striking similarities to the 2.5 million records obtained by the International Consortium of Investigative Journalists.
The ICIJ investigation has produced shockwaves in Europe, North America, Russia and Asia, exposing billions of dollars hidden in tax haven accounts by high-profile business people, politicians and others.
In a world first for this type of cross-border investigation, the ATO has shared the records with British and US tax authorities which will process the material in concert, and there are plans later to distribute the material to all of Australia’s treaty partners.” Emphasis added]