Australia releases statement on volume of received offshore account data

On 15 August 2019, the Australian Taxation Office (“ATO”) releases a statement on the volume of offshore account data it has received (Link).

“This year, the ATO has received records relating to more than 1.6 million off-shore accounts holding over $100 billion and is now using data-matching and sophisticated analytics to identify foreign income that has not been reported,” Assistant Commissioner Karen Foat said.

Data with over 65 foreign tax jurisdictions has been shared under the Common Reporting Standard.

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