Original article by Neil Chenoweth
The Australian Financial Review – Page: 3 : 2-May-18
The financial affairs of Credit Suisse’s private clients in Australia are under scrutiny by the Australian Taxation Office. The ATO contacted 77 of the Swiss bank’s local private clients on 1 May, and it will target 106 such clients in total. The ATO has identified more than 5,000 cross-border transactions that are deemed to be suspicious, and which exceed $A900m in total. The Australian clients are believed to have been advised by Switzerland-based relationship managers, who are alleged to have provided advice on tax evasion schemes.
CREDIT SUISSE AG, CREDIT SUISSE (AUSTRALIA) LIMITED, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF FINANCE