24 May 2018
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.
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).
Howard Rapke, Managing Partner
T: +61 3 9321 9752
Damien Bourke, Partner
T: +61 7 3135 0551
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this publication is accurate at the date it is received or that it will continue to be accurate in the future. We are not responsible for the information of any source to which a link is provided or reference is made and exclude all liability in connection with use of these sources.