All posts tagged "ATO"
-
3.4KAML / KYCGlobal Tax Evasion Probe Targets Euro Capital Bank, Puerto Rico
Euro Pacific Bank, founded in 2017 by Peter Schiff and Mark Anderson, is said to be used by up to 400 Australian nationals, about 100 of which are considered “high-risk”.
October 18, 2020 -
785Australia & NZAustralia Federal Budget Delivers Super Fund Accountability
Super funds will be forced to enhance disclosures on fees and performance. Consistently underperforming super funds will be prohibited from receiving new members.
October 9, 2020 -
727Australia & NZATO Commences Pilot Audit of Early Super Withdrawal Scheme
The tax office is contacting Australians who withdrew their superannuation funds early to assess if the need was genuine, and whether they should be penalised.
August 3, 2020 -
1.1KAML / KYCAustralian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’
The syndicate's ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.
July 24, 2020 -
484Australia & NZAustralia: Banks Work Towards Swift Resolution of Advice Failures
Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.
June 22, 2020 -
2.7KAustralia & NZ
ATO Warns of Penalties for Wrongful Early Super Withdrawal
The ATO is using income tax returns and other data to ascertain whether applicants are in fact eligible. Those making false statements to meet the eligibility criteria will face penalties.
June 22, 2020 -
669AML / KYCATO to Run Additional Checks to Prevent Superannuation Fraud
Australia's superannuation early access scheme was temporarily suspended late last week due to fraud. It has since resumed, with enhancements to increase the end-to-end security.
May 12, 2020 -
599AML / KYC
Australian Police Launch Probe into Super Fund Early Release Fraud
Five search warrants have so far been executed in relation to the fraud, and bank accounts containing AUD 120,000 in stolen super money have so far been frozen.
May 8, 2020 -
2.5KAML / KYCWestpac Internal Probes Identify More AML Breaches
Westpac has identified an estimated 60,000 to 90,000 threshold transaction reports that were not reported to AUSTRAC, and potential problems with its FATCA and CRS compliance.
May 5, 2020 -
428Australia & NZSuper Funds Pay Out A$1.3b in First Week of Early Release Scheme
The Association of Superannuation Funds of Australia estimates that super funds may have paid out A$7.1bn in total, including the second week of the initiative.
May 4, 2020
