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Category: Tax / Government and Politics / International Financial Institutions / Business, Economics and Finance

ATO to call for investigation into Panama Papers scandal

Wednesday, 13 Apr 2016 06:45:26 | Dan Conifer

The Australian Taxation Office in Sydney on November 24, 2008. (AAP: Tom Compagnoni)

The Australian Tax Office will today call for an international investigation into the Panama Papers scandal.

About 800 Australians were listed in the files of Panama law firm Mossack Fonseca and stand accused of hiding their wealth.

Former ATO officials were also among the hundreds of Australians linked to companies incorporated by the firm.

Tax commissioner Chris Jordan is helping lead an international meeting of global officials in Paris and will propose 28 countries set up teams to analyse data and then launch prosecutions.

Explainer: Inside the Panama Papers


Why does this matter? Is it illegal? How do they operate? These questions and more are answered in our explainer.

Analysis undertaken by the ABC earlier this month revealed that several Australians directly approached Mossack Fonseca asking for help to hide their identities and avoid paying tax.

In June last year, an electrician from Perth emailed Mossack Fonseca asking what he could do to "reduce or zero my tax", while another Australian asked directly for tax haven options that would provide "complete privacy and secrecy".

While it is not unlawful for Australians to set up and own offshore companies, it can be an offence to fail to disclose those assets to the Australian Tax Office.

The leak also revealed links between Australian security company Wilson Security and a Hong Kong corruption scandal, prompting calls for the company to be stripped of its contracts with the Australian Government.

AustraliaPlus


 

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