A worldwide leak of private documents has occurred, exposing many of the world’s richest. Dubbed the ‘Pandora Papers’, almost twelve million financial documents were made public that exposes previously secretive financial information.
This leak reveals a lot about those who are using offshore tax havens to dodge tax. The rich do not live by the same tax rules as the rest of the world and now there is tangible proof. The International Consortium of Investigative Journalists (ICIJ) shared these files to the media. These documents have information that date back over more than fifty years.
Although this is a worldwide leak of information and many overseas names have been a major talking point, Australia is not hidden from the spotlight. There are many Australian names in these papers.
There have been leaks like this before but not to this extent. The problem is that there are offshore tax havens being used to dodge government tax, that is costing the government billions of dollars that could be used to better the economy. The rich are able to use these ‘tax havens’ to build intergenerational fortunes kept among themselves instead of paying their due to better their community.
The Australian Tax Office (ATO) will be looking closely at the new data and matching it with their existing data. While the ATO know more Australians are doing the right thing, they are warning those who try to hide assets that cheats honest working Australians.
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