The ATO is targeting companies with Singapore hubs

Singapore. Image: Chris McGrath/Getty Images.

The Australian Taxation Office (ATO) is reviewing multinationals with revenue of more than $250 million using offshore hubs in Singapore to minimise tax.

Fairfax Media has a copy of a document that lists the ATO’s key focus areas for the year ahead.

Areas on the hit list, according to Fairfax, include the goods and services tax treatment of local and overseas transactions, multinational related-party or cross-border transactions, business restructures and tax planning by wealthy individuals.

Last week the ATO said it was ramping up its focus on offshore tax evasion.

It visited seven adviser firms linked to offshore arrangements and contacted more than 100 parents who had school fees paid from overseas bank accounts.

Under the ATO’s Project DO IT, more than 5,800 Australians have brought $600 million in offshore income and $5.4 billion in assets back into the Australian economy.

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