Tax Office targets wealthy depositors

05/01/2012

As it continues the offshore hunt for hidden tax revenue, the ATO is also searching for elusive tax revenue close to home. Last year, the agency warned it would be "stepping up" its co-operation with law enforcement agencies in the fight against organised crime. "It's part of the much more co-ordinated approach by the Commonwealth and state police forces. We see ourselves doing more and more of that," tax commissioner Michael D'Ascenzo said.

Mr D'Ascenzo also revealed that the ATO had so far made 32 information requests under agreements signed with tax havens, in one case uncovering a liability of $30 million. "There are fewer and fewer places to hide," he said. "Basically most honest Australians are moving away from even thinking that this could be a viable option."

Figures from financial intelligence agency Austrac show that flows to three countries - Vanuatu, Liechtenstein and Switzerland have slumped dramatically since 2007-08.

Source: Sydney Morning Herald