14 May 13 No safe havens
In media release No 2013/07 issued 10 May 2013, the ATO advised that Tax Commissioners from Australia, the United States and United Kingdom have substantial data which reveals extensive use of complex offshore structures to conceal assets by wealthy individuals and companies.
The data reveals complex offshore structures in a number of jurisdictions around the world including Singapore, British Virgin Islands, Cayman Islands and Cook Islands.
The data is still being analysed but it identifies individuals who own the assets as well as the accountants, lawyers and other professional advisors who represent them. These advisors promote, design, implement and maintain the offshore structures on behalf of others so their role will also come under very close scrutiny. More than a hundred Australians have been identified from the data.