The “Panama Papers” & What They Might Mean For You
The leak relates to clients of Mossack Fonseca, a Panamanian law firm which provides offshore ‘shell companies’ often used to complicate or confuse high net worth individuals’ financial affairs.
The leaked information contained in the Panama Papers reveals the identity of a number of individuals and companies (such as the Icelandic Prime Minister who recently resigned from office as a result of his details being included in the Panama Papers).
It is highly likely that the Australian Taxation Office (“ATO”) will also be conducting audits as a furtherance of Project Wickenby and investigating tax fraud and money laundering as a result of the Panama Papers.
It is important that taxation obligations are addressed promptly and correctly, particularly where the ATO has assessed a person or entity with an assertion of fraud or evasion under Project Wickenby. Failure to do so has the real potential for taxpayers ending up facing imprisonment.
Irish Bentley Lawyers are your “Tax Dispute law firm”. We have significant experience in disputing tax assessments including litigation across various Courts and Tribunals. We have also been involved in a variety of taxation objections, reviews and appeals and have contested Project Wickenby tax assessments exceeding $50 million. Furthermore, we assist our clients with private ruling applications, ATO audits and reviews of their taxation affairs.
We have also assisted a range of clients who are struggling with taxation debts to come to arrangements whereby insolvency solutions can be avoided, such as applications to pay taxation debts by instalments, applications for the remission of general interest charges and applications for remission of shortfall interest charges. We prefer to provide most of our services on a fixed price basis (rather than a time basis) where possible.
Please note that the above does not constitute legal advice and Irish Bentley Lawyers make no representations or warranties as to the accuracy of any of the information contained herein. If you have a taxation issue, then please do not hesitate to contact the team at Irish Bentley Lawyers – there is no substitute for proper legal advice based on your individual and unique circumstances.
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