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ATO in crackdown on wealthy tax cheats
And next week each will get a letter from the Australian Tax Office asking them offering tax bill discounts of up to 80 per cent for those who come clean.
The ATO is sifting through a barrage of new information collected here and by the US and UK tax commissioners that reveal complex shells and trusts in places like Singapore and the Virgin, Cayman and Cook islands being used as tax havens.
The joint investigation, revealed today,[url=http://www.xantrex.cc]Louis Vuitton[/url], sifted through two million documents relating to thousands of people and matched up money flows to people's tax information.
In Australia, it has already seen two cases referred for criminal investigation and 30 audits begun on about 65 cases that have red flags under the banner of Project Wickenby.
A Sydney company with more than $20 million in offshore loans is among those being probed.
It's alleged to have claimed millions in false interest expenses because the offshore lender is actually controlled by the company's owners.
And a Melbourne man, who claims $25 million in share transactions he made were for overseas clients, not himself, is being audited.
Deputy Commissioner Greg Williams said most of those identified were believed to be the ultra wealthy, rather than criminal enterprises.
"Doing this, from a tax point of view, is criminal,'' he said.
"People that are worth even single digit millions three, four, five million we've seen involved in this sort of thing all the way through to perhaps more high profile people that are worth considerably more than that.''
"You may believe that you are flying under the radar and you are invisible but this is just evidence that that isn't the case,'' he said..