Shining a light on offshore tax evasion
03 April 2017
In response to The Hon Kelly O’Dwyer, Minister for Revenue & Financial Services, (media release 31 March) regarding offshore tax evasion and with the Serious Financial Crime Taskforce about to embark on interviews with bank employees, taxpayers and lawyers to identify whether parties have failed to comply with international tax obligations, BDO partner in charge of international tax affairs, Chris Ball, commented:
“The Serious Financial Crime Taskforce will be shining its torch on the ATO next week looking for answers on those individuals who have allegedly evaded international tax obligations. It is important work and I’d stress to anyone setting up international operations to make sure the necessary planning is undertaken upfront and that any taxation risks are identified and managed.
“Where there are concerns that taxation risk exists in respect of ATO investigations it is critical that advice is obtained from an experienced adviser at the earliest possible time.”