Massive Offshore Tax Havens Sting

The International Consortium of Investigative Journalists reports the Australian Tax Office and their British and US counterparts are now in possession of a massive leak naming people who have tried to avoid paying taxes using offshore registered companies and trusts. The leak is reported to be 'more than 100 times larger' than the US State Department documents leaked by Wikileaks. The ICIJ is a reputable source in possession of a smaller leak that has already incriminated many overseas politicians and high profile business people. We trust their information. The size of the new leak is in excess of 400 gigabytes. 'The 400 gigabytes of data is still being analyzed but early results show the use of companies and trusts in a number of territories around the world including Singapore, the British Virgin Islands, the Cayman Islands and the Cook Islands.' The data “contains both the identities of the individual owners of these entities, as well as the advisors who assisted in establishing the entity structure.” If you have been avoiding tax in Australia life could get just a bit uncomfortable in coming months.