Category Taxation in Asia-Pacific

Australian Tax Office Gets Tough

August 6, 2009 Taxation in Australia  No comments

The Australian Tax Office launched their new program on the 6th of August aimed at ensuring compliance from Australian executives and wealthy.

The Australian Tax Office (ATO) has stated that they will be targeting the wealthy of Australia in a bid to increase tax compliance and tax revenues. The corresponding 2008-2009 program netted an extra A$44 million from 440 executive and director reviews and audits and over A$1 billion from 260 large business “comprehensive risk reviews”.

This year the search for compliance dodgers has expanded in its data-matching technologies and even has the ATO scouring news sources for information on company mergers, and reminding the involved directors to declare any benefits that they garner from such activity...

Read More

Australian Makes Requested Secrecy Case Submission to US

July 30, 2009 Offshore BankingTax HavensTaxation in AustraliaTaxation in USA  No comments

The Australian Taxation Office (ATO) has made its submission to US Senate Committee on Homeland Security and Governmental Affairs regarding the use of entities incorporated in the United States for possible secrecy haven purposes.

In an effort to stem tax evasion, avoidance, money laundering and other non-compliance activities, the US Senate Committee on Homeland Security and Governmental Affairs requested that the ATO provide some case studies involving US entities and their possible use in non-compliance activities in Australia. The ATO has now sent their response, consisting of an introduction and eight cases and their analysis.

The ATO made comments in their response saying that secrecy havens still being a high compliance risk to Australia...

Read More