The ATO has fired off a warning to Australians hiding money from the authorities saying they will feel ‘serious consequences’.
The Australian Taxation Office has delivered a stern warning to Aussies improperly funnelling money overseas declaring “the message is clear for those who try to cheat the system – your secrets are no longer safe”.
The announcement comes after a trove of documents was released by the International Consortium of Investigative Journalists (ICIJ) detailing the secret wealth of prominent people globally amassed through offshore schemes, tax loopholes and, in some cases, accusations of money laundering.
Known as the “Pandora Papers” some 600 journalists from across the world examined 11.9 million documents from 14 financial services companies.
Much of the money trail can be linked back to offshore tax havens such as the British Virgin Islands and Cayman Islands or to financial services companies based…