Assistant commissioner David Allen said the Tax Office had improved its ability to track individual fund transfers through data collected by Austrac. ”What it is showing us, probably for the first time, is the huge number of offshore accounts in existence and the different modes of getting money offshore,” he said.
The ATO receives transaction data from Austrac each day that allows it to track individual money flows to offshore accounts almost as they happen. ”Weâ€™re able to much better pinpoint where these funds are [going],” Mr Allen said.
Read more here: SMH