ATO’s “targeting tax crime” It is tax time again in Australia and the Australian Taxation Office yesterday released it’s strategy on “targeting tax crime”. In the past 4 years Australia has signed agreements to exchange tax information with six jurisdictions previously considered to be tax havens: Antigua and Barbuda, Bermuda, The British Virgin Islands, the Isle of Man, the Netherlands, Antilles and Jersey. The Organisation for Economic Co-operation and Development (OECD) estimates that USD$7,000,000,000,000 (that’s USD$7 trillion) in global assets is held offshore in tax havens which threaten government revenue. Global leaders and governments are uniting in agreement to break down bank secrecy laws and tax havens that offer clients financial privacy and low taxes but will it ever be enough to stop the tax evasion? At Newealth we are always looking to innovate and improve our ongoing advice and services wherever possible and if you have any ideas or comments, please feel free to email me at invest@newealth.com.au or to call me on +61 2 9267 2322.
23rd-July-2009 | 
