A Peek Into The Workings Of Offshore Tax Havens

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Snapshot

  • Incorporating through an offshore haven is straightforward and relatively inexpensive.
  • There is a strong incentive for Australian residents to generate income in offshore havens and evade Australian income tax through secrecy. This is likely to be an increasingly risky venture because of the tax information-sharing agreements between Australia and offshore havens.
  • International Business Companies can be sued under Australian corporate law if these companies trade in Australia. This is important to know when acting for a creditor of an International Business Company because Australian corporate law provides significantly more protections for creditors than the corporate law of offshore havens.

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Published in: Law Society Journal, May 2017