The Tax Office received more than 5800 disclosures as part of the amnesty, resulting in more than $5 billion in assets declared and more than $600 million of omitted income disclosed. But according to the
ATO's most recent annual report, the amnesty had raised just $127 million in collections.
The head of Arnold Bloch Leibler, Mark Leibler, says some Australian people on the Panama Papers list have committed serious criminal offences unrelated to tax. Photo: Luis Acsui
The ATO expects this figure to rise when assets and income are brought into the tax system. Mr Cranston said apart from the revenue impact, the amnesty was worthwhile because it had given the ATO useful intelligence on about 100 advisers – intermediaries, accountants and trustee services – that have links to Mossack Fonseca.
If anyone who had come forward as part of the amnesty had not disclosed their Panama connections, they would be investigated. "If we find out they have money linked to Panama we will follow up," he said.
The head of Arnold Bloch Leibler, Mark Leibler, who advises many of the nation's wealthiest clients and was the architect of the amnesty, said those who participated in Project Do It will be protected provided they made a full disclosure.
But he had "no doubt some Australian people on that [Panama Papers] list have committed serious criminal offences unrelated to tax, and therefore would not have been protected by the amnesty". Nevertheless, there were also a substantial number that were making legitimate use of Mossack Fonseca, he said.