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02 May 06 ATO warning to investors in offshore training and education courses

The ATO says that it has become aware of an offshore based group that is promoting training and education courses that offer ownership of a "tax free" international business corporation, information on how to use it, and a Swiss bank account with internet and credit card facilities. The ATO is concerned that the corporation, Swiss bank account and credit card facilities may be used as part of a tax avoidance or evasion arrangement. The ATO says that people should avoid any arrangements involving purportedly "tax free" international business companies as well as any associated international dealings because they could be illegal.

For a copy of the ATO advice, go here.

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