24 May 2018
3 min read
#Dispute Resolution & Litigation
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Recent reports in the Australian Financial Review state that the Australian Taxation Office (ATO) has been contacting private clients of Credit Suisse in regards to what it considers suspicious transactions and secret overseas accounts.
The ATO is targeting $900m linked to 106 secret Credit Suisse accounts.
This appears to be the latest step by the ATO to clamp down on tax evasion through unreported foreign income and assets. For some time now revenue authorities worldwide have been looking into the affairs of taxpayers making use of (the so called) foreign tax havens.
The ATO data matching capabilities and information sharing arrangements with other countries is unprecedented and increasingly sophisticated in uncovering undisclosed income and assets.
How can we help:
Howard Rapke and Damien Bourke have both been closely following this issue as it has unfolded. Both partners head teams at Holding Redlich experienced in dealing with these controversies and are able to bring to the table specialist regulatory and tax advice and assistance in regards to investigations of Australian nationals by the ATO (either alone) or jointly with other authorities.
Our specialist teams have the technical skills to manage the whole controversy (and deal with any associated media/publicity).
If you have any clients that may be at risk of a review or audit from the ATO (or who may be under investigation) in regards to overseas bank accounts or investments it is important that steps are taken to protect their rights (and ensure that any investigation is contained).
Authors: Howard Rapke & Damien Bourke
Contacts:
Melbourne
Howard Rapke, Managing Partner
T: +61 3 9321 9752
E: howard.rapke@holdingredlich.com
Brisbane
Damien Bourke, Partner
T: +61 7 3135 0551
E: damien.bourke@holdingredlich.com
Disclaimer
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