HSBC Leak Reveals Australia’s Richest Made “Many Tiny Mistakes”

hscbc

The Australian Tax Office has revealed that it has used leaked documents from the Swiss arm of the HSBC Bank to uncover over 30 million dollars in tax liabilities, in what the ATO has determined to be “a number of highly-profitable discrepancies.”

An ATO spokesperson said: “it seems some of Australia’s richest businessmen have made some silly, rookie mistakes, like failing to declare their hidden, offshore bank accounts.”

Under Article 47 of the Federal Act on Banks and Savings Banks, it is illegal for Swiss banks to reveal the identities of their clients. The law was drafted to protect clients from prying eyes of Nazis and, coincidentally, any citizens concerned about corrupt politicians, businesspeople and priests.

As a result of this law, it’s very easy for Australian millionaires to make careless errors, like not disclosing the millions of dollars they’re storing in Switzerland.

An increased focus on international record transparency should help the Australian government to discover when these millionaires have accidentally not disclosed their accounts and allow them to fix these errors up before the ATO rules they’ve committed tax avoidance and have to suffer the punishment of “paying back what they owe”.

Prominent Australians revealed in the leak include Australia’s richest dead person, Kerry Packer, and former ANZ Bank chief, Charles Goode. Goode would conduct business with HSBC under the code name “Mr Shaw”. He got the idea for the name when he once heard his wife yelling it out from his bedroom. Coincidentally, it’s also the name of his best friend, Mr Steven Shaw.

The leak also revealed that the Swiss arm of the HSBC Bank would collude with clients to conceal undeclared “black” accounts, marketed schemes that allowed clients to avoid taxes, and let rich clients withdraw “bricks of foreign currency” to build poorly constructed houses out of money.

Some of HSBC’s biggest clients include terrorist group Hezbollah, the Sinaloa drug cartel, and the rogue state of Iran.

Matthew Farthing is the Business Reporter for The (un)Australian. He has declared both his income and that “AC/DC kick so much arse!”

https://twitter.com/MattJFarthing

 

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