Key news Summary – Commissioner finally gets a list of Australians who hold Swiss Bank accounts (at least some of them un-named numbered accounts)


 

On Friday 14 12 December 2018, the ATO reported that it had received its first list of all Australians who hold Swiss bank accounts.

Deputy Commissioner Deputy Commissioner, Jeremy Hirschhorn, told ABC Radio AM, that there are “a few people on the list that we’re pretty interested about”. Otherwise, Mr Hirschhorn declined to go into details about the individuals on the list.

In May 2018, then Minster for Revenue Ms Kelly O’Dwyer, said that, that 578 Australians had been identified by the ATO as holding unnamed numbered accounts with a Swiss bank, following a joint international investigation. She said that, whilst most were compliant, 106 of them were subject to compliance actions.

By then, the ATO knew that there were more than 100 Australians, with links to Swiss banking relationship managers, who they believed had actively promoted and facilitated tax evasion schemes, that were classified as “high risk” and requiring further investigation.

[ABC radio: podcast; LTN 242, 14/12/18; Tax Month – December 2018]

FJM 21.1.19

CPD – comprehension questions

  1. What has the Commissioner just go?
  2. Why is Deputy Commissioner ‘pretty interested’ in some of them?
  3. What number of Australians did then Minister O’Dwyer say the ATO had identified as holding unnamed Swiss bank accounts?

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