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

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 days 18 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 week ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 5 days 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....

2 weeks 6 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

5 days 22 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

5 days 1 hour ago