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The Australian Taxation Office (ATO) is searching Facebook as well as other social networking sites to chase offshore investors
According to tax expert Tony Anamourlis, who’s a lecturer at Latrobe University’s faculty of Law and Management. He reckons that the ATO is using such resources to investigate investors using offshore havens. Whilst there’s been pressure on international banks to supply information, Swiss bank UBS has not been so forthcoming.
Why do people tell their whole story on the internet anyway? Apparently insurance companies in the UK charge a higher premium for Facebook account holders because people are so open. Individuals have been known to tell other Facebook fans that exact dates that they will be going on holiday, only to return to find their house burgled.
Why would high-net wealth tax payers reveal so much information in cyber-space? Who knows! At the same time, it seems that staff at the ATO have nothing better to do than to surf the internet. How much is that costing the Australian Tax payer?
2nd Quarter: 28/02/12
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