ATO “data mining” program targets offshore tax evaders
The ATO has announced that it is “mining data” to identify individuals with undisclosed offshore income and assets.
The new information would be used to encourage people to disclose under Project DO IT, the ATO’s offshore disclosure initiative.
The ATO will significantly increase its compliance focus by examining data including:
- information from overseas tax authorities on Australians with offshore investments and bank accounts;
- information from Australian and foreign banks on fund flows, interest and account balances; and
- information from informants about offshore accounts, and money transfers to and from offshore bank accounts.
Deputy Commissioner Michael Cranston said “Most people getting in touch with us are reporting accounts in Switzerland, Israel, Lichtenstein, the Netherlands, South Africa and Hong Kong, so we’ll obviously be looking closely at flow of funds to those countries.”