Small fry using tax havens – ATO
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.
AUTHOR
Mike Taylor
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
