22 May Australia’s tax information exchange agreements (TIEAs)
TIEAs is signalling a new era of international co-operation and highlighting offshore avoidance arrangements. Australia has signed 27 tax information exchange agreements to date with more being negotiated. This extensive network of agreements means the ATO can request information from overseas authorities much more easily. The agreements give the ATO greater access to information making it harder for people to hide money offshore and avoid paying their share of tax in Australia. The ATO is looking to expand the exchange network into jurisdictions with offshore financial centres that could be used by Australian taxpayers to hide their income or assets giving priority to those countries that pose the greatest risk.