Last chance for offshore tax dodgers

THE tax office has doubled the penalties for tax cheats who admit to hiding money in offshore tax havens.

It has also offered tax dodgers the opportunity to anonymously check if they are liable for criminal prosecution, in addition to a fine, before they come forward.

Tax Commissioner Michael D’Ascenzo described it as “one last chance to come in and do the right thing”.

“This new offer provides a good opportunity for people who want to do the right thing to get their tax affairs in order,” he said.

Read more about offshore tax havens at news.com.au.

Australian Tax Office seeking details of secret UBS bank accounts

THE tax office is using a landmark US case to crack open details of secret Swiss bank accounts held by wealthy Australians as it continues to target off-shore havens.

The Australian Tax Office has requested account-holder details from Zurich-based UBS, after the Swiss bank handed over about 4450 client names to US authorities in August to settle a tax case.

Read more about UBS at news.com.au.

Wickenby identifies $440m in tax owing

TWO Australian Tax Office programs targeting wealthy tax-dodgers have managed to identify almost $500 million in tax liabilities, the Federal Government says.

The programs, Operation Wickenby and the Offshore Voluntary Disclosure Initiative, are key elements of the ATO’s efforts to stamp out Australians avoiding tax by sending money to overseas havens.

Project Wickenby has identified more than $440 million in tax liabilities while the Offshore Voluntary Disclosure Initiative has found more than $50 million in tax liabilities.

Read the rest of the Wickenby story at news.com.au.

ATO reaps $44m in unpaid tax from execs

THE Australian Tax Office squeezed an average of $107,000 in unpaid tax from every executive and director it reviewed or audited last financial year.

In 2008-2009, the ATO reviewed or audited the returns of 410 executives and directors and raised an additional $44 million in tax liabilities.

The average dividend dwarfs the the average liability found in for other types of ATO reviews of individual tax returns.

This compares to 2700 reviews related to capital gains disclosures for individuals which raised about $16.5 million in liabilities, an average of about $6100 per person.

Read more about tax office investigations at news.com.au.