If your accountant says you can legally save tax by storing your money in places inhabited only by penguins, seals and seabirds, red alarm bells should be ringing in your head. It’s time to find a new accountant.
Whilst having money in overseas accounts is not necessarily against the law, deliberately evading paying tax by holding money and assets offshore is tax evasion and illegal.
Australians currently have 7.1 million dollars held in uninhabited regions, such as Antarctica for no other reason than to avoid paying tax. Tax avoidance is illegal and fraudulent in Australia.
If you think you won’t get caught, the ATO uses a wide range of sophisticated technological tools and international taskforces with partners in over 100 jurisdictions. They are getting better and better at their job every day. It’s not a question of if you will be caught, but when.