The ATO Has An Informant Helping Find Billions Of Dollars Hidden By Australians Offshore

Photo: Getty/Tom Pennington

An amnesty has so far flushed out $1.7 billion in assets hidden by Australians offshore in tax havens, according to the Australian Tax Office (ATO).

An ATO spokesman said 1,750 Australians have come forward to admit to a total of $240 million in income plus the $1.7 billion in assets.

One Australian had $30 million in income and $120 million in assets in Europe.

An informant is also working with the ATO to to uncover more assets offshore.

The most popular place to keep funds is Switzerland.

Many of those who have put their hands up are the children of migrants who inherited wealth stashed in Europe from their parents.

The ATO amnesty, which ends on December 19, gives some immunity against prosecution.

It comes as G20 nations cooperate to ensure big companies pay their fair share of taxes in the countries they operate in.