A major investigation by the Australian tax authorities into multi-million dollar offshore tax evasion schemes has widened significantly, wi...

A major investigation by the Australian tax authorities into multi-million dollar offshore tax evasion schemes has widened significantly, with up to 500 Australian high net worth individuals now suspected of involvement. As earlier reported in WealthBriefing, the Australian Tax Office executed warrants at 48 sites and conducted unannounced visits at 37 sites around the country in an operation to counter criminal activity relating to offshore schemes directed at creating fictitious deductions or concealing income for tax purposes. Although it made no arrests at the time, 12 HNWs were suspected of involvement in the schemes. Tax Commissioner Michael Carmody has told Australian broadcaster ABC's Inside Business programme that up to 60 people have since come forward with evidence and about 500 people are now thought to be involved. "Some of them have disclosed their own affairs but others talk about their involvement or involvement of other people in these schemes. Look a rough estimate at the moment of that territory, that needs to be refined down and further work is probably around 500 people," he said.