Turning up the heat on tax havens

• Published in: Intheblack Vol. 78; no. 1; p. 66
• Main Author: Granger, Jennie
• Format: Trade Publication Article
• Language: English
• Published: Melbourne CPA Australia 01.02.2008
• Subjects: Compliance; Disclosure; Fines & penalties; Income taxes; Offshore banking; Offshore investing; Personal income; Tax havens; Tax treaties; Australia

Last financial year round $5.1 billion left Australian shores for tax havens. There is nothing wrong with holding an offshore account or investing overseas, as long as you pay any Australian tax due. Many tax havens are major financial centers and they recognize there are legitimate reasons for tran...