Australian individuals who hold Swiss bank accounts have recently had their information shared with the ATO.
This information was announced by Deputy Commissioner Jeremy Hirschhorn, as was the ATO's intention to data match the bank accounts with tax return data.
This is the first time in which this sort of information has been shared between Swiss and Australian authorities.
Taxpayers who may be affected by this revelation are encouraged to disclose any income which may be necessary in Australian tax returns to avoid penalties and fines under the ATO guidelines.
Please contact your RCB team member should you have any queries.
