Latest News ...

Prominent figures targeted in tax raids

Twelve wealthy and prominent figures have been targeted in raids in four states to break up a $300 million offshore tax evasion scheme.

Authorities say the series of raids were the largest, multi-agency investigation of its kind in Australia.

Federal Justice and Customs Minister Chris Ellison said the Australian Crime Commission (ACC), the Australian Taxation Office (ATO) and the Australian Federal Police (AFP) had allegedly uncovered a major, organised effort to defraud the Commonwealth of tax revenue.

During the past two days, bodies involved in Operation Wickenby had raided 48 properties in NSW, WA, Queensland and Victoria, while the ATO took action to access documents in a further 37 locations, said Senator Ellison.

Operations had also been carried out in four other countries that could not be identified because of ongoing investigations, he said.

No arrests had been made but 12 unnamed people of interest had been identified, Senator Ellison told reporters.

"It is alleged that there has been a massive avoidance of tax ... and that these search warrants are essential to gaining further evidence and there are 12 people in particular who are of interest, who are high-wealth individuals and this is the big end of town that we've targeted here and of course, it sends a very clear message that all people in Australia are subject to paying tax."

The ACC said the investigation covered the promoters and participants allegedly involved in an organised tax fraud and money laundering operation using offshore financial schemes.

In some cases, deductions were claimed for payments for expenses and services that were fictitious, while in other cases, assessable income derived offshore was not brought to account in Australia.

"This income is secretly returned to Australia disguised as a loan, an inheritance, a gift, or through credit and debit cards," the ATO said in a statement.

Tax Commissioner Michael Carmody urged anyone involved in the schemes to come forward voluntarily, as penalty discounts would be considered.

"The law provides significant penalty discounts where taxpayers make a full and true voluntary disclosure."

Senator Ellison said it was not unusual to have search warrants executed before arrests were made in alleged instances of white collar crime.

"The sorts of offences we would be looking at could entail jail penalties of 10 to 20 years."

Operation Wickenby began in October last year with 285 personnel.