Should Australian citizens be allowed to save or invest their money in offshore bank accounts?
An offshore (or foreign) bank account is a bank account you have outside of your country of residence. The benefits of an offshore bank account include tax reduction, privacy, currency diversification, asset protection from lawsuits, and reducing your political risk. In April 2017, Wikileaks released 11.5 million confidential documents, known as the Panama Papers, which provided detailed information on 214,000 offshore companies serviced by the Panamanian Law Firm, Mossack Fonesca. The document exposed how world leaders and wealthy individuals hide money in secret offshore tax shelters. The…
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Yes, as long as offshore income is reported, and loopholes in offshore banking laws to evade taxes are eliminated.
@9HCXTZW12mos12MO
Yes, but only for citizens as long as offshore income is reported, but corporations and business organizations should not be allowed to have offshore bank accounts.
@92FS4CMLiberal Democrat3yrs3Y
Yes as long as it is not more than 50%.
@927K9GT3yrs3Y
For individuals only, who travel regularly to the country the account is in. Income needs to be reported. Australian businesses need to keep money in Australian banks.
@Hygge31924yrs4Y
Yes but it should be capped and regulated.
@8F953DT4yrs4Y
Yes, only to a capped amount. Thereafter further scrutiny should be mandated to ensure individuals & companies are taxed accordingly.
@98YDX2R2yrs2Y
Only if they are doing it to help support family, or friends that live over there.
@98SVHYB2yrs2Y
Only for people with yearly incomes below $250,000
@98PXPCQ2yrs2Y
Bank accounts is expected the big range android is warned that covid hits the spots fraud
@984C83N2yrs2Y
No, and neither should corporations and business organisations, as too many companies and wealthy citizens are abusing loopholes in offshore banking laws to evade taxes
Yes as long as they have a citizenship.
@932ZMLZ3yrs3Y
Yes, The government shouldn't have a say in how we use our money
@8X878BC3yrs3Y
Yes, but tax money leaving Australia.
@8SBF8W54yrs4Y
Yes, but they should pay to cover costs/taxes avoided through loopholes
@8HTRB8F4yrs4Y
@8Y22ZR4Independent3yrs3Y
Yes, but create currency exchange upon recognition of Australian residency, regulate so that corporations achieving so much are expanding business.
@8TK8FQQ3yrs3Y
Yes, if the money is obtained in legitimate ways
No, create currency exchange upon recognition of Australian residency, regulate so that corporations achieving so much are expanding business.
@8TLHSVKIndependent3yrs3Y
Yes, if the savings were earned in Australia and have already been subjected to Australia's taxes, then go for it.
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