Larkspur legal action to win tax liability, page-134

the British Virgin Isles s a secrecy jurisdiction, labelled as such by the OECD along with another 20 or so countries which offer discreet company register services to entities seeking to hide their beneficial interest in world wide assets.
some of the actors in the ISX saga are refuting share ownership and beneficial interest in undeclared profit transfers back to Australia from BVI entities . Surely you have read this in public forums. The information will be contained in the court transcripts via the civil proceedings. It’s already been stated that further endeavours are being undertaken to get hold of better particulars about individuals behind these nominee company’s registered in the BVIs.

It’s a long process ,but if the BVI regulators do cooperate and release the name of directors of these offshore entities, the ATO will stronger evidence for the appeal. At this stage, I don’t think the ATO have the names of the individuals behind the offshore entities, but have made the amended assessments anyhow under default powers. As I said before , it will be an interesting Appeal.

the Press have indicated that other persons associated with ISX also have BVI links, you’d expect the ATO to include those names on the request for information application sent to BVI tax authorities. The Commonwealth can easily identify the transactions to and from the BVI via the AUSTRAC system, then it’s just a matter of tying the person to the transactions, from my experience, those trying to dress up untaxed transfers back into Australia as something else, quite often slip up in the paperwork , and reveal the true identity and nature the offshore vehicle.