15 Apr 10 ATO stepping up efforts to combat tax havens
In media release No 2010/04, issued 14 April 2010, the ATO announced that it has requested information from banks which it will use to identify Australian taxpayers who may have undisclosed offshore income or over-claimed deductions involving international transactions.
The announcement coincides with a gazettal notice which sets out the financial institutions the ATO has requested information from that operate in Australia.
“Once we receive the information from the banks, we will match it against our own data to identify people who may not have met their lodgement and payment obligations under Australian tax law,” Tax Commissioner Michael D’Ascenzo said.
The information relates to the period 1 July 2005 to 30 June 2009.