Small fry using tax havens – ATO

taxation australian taxation office

24 July 2008
| By Mike Taylor |

The Australian Taxation Office (ATO) has told a US Senate Committee that the use of tax havens is spreading beyond large corporates and high-net-worth individuals to all parts of the community.

The ATO submission, made to the US Senate Committee on Homeland Security and Governmental Affairs this week, said that the tax office was seeing examples of the ‘migration’ of tax haven use to small businesses and individuals.

It said it believed this was partly driven by globalisation, ease of travel, advances in communications and relatively low establishment costs.

However, it said that it believed there were also risks associated with the activity and that it had increased its efforts to educate the community on the dangers of using of tax havens at the same time as strengthening its ability to deter, detect and disrupt tax haven schemes typically linked to tax avoidance and evasion.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

6 days 20 hours ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

3 weeks 6 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

5 days 19 hours ago