9News: Paradise Papers shine a light on the rich

Peter Overton: The secret of the super-rich and famous are being laid bare by an enormous, confidential document leak, centred around the billions of dollar in offshore tax havens.

Heads of State, actors and businesses have been exposed – and authorities here are investigating.

Ross Greenwood: Among those named some for legitimate reasons, Keith Urban and Nicole Kidman. Music stars Bono and Madonna. The Queen, Key backers of President Donald Trump and family of Russian President Vladimir Putin.

The papers also name multi-nationals – Nike and Apple.

Nicole Kidman’s publicist told 9News that the star would make no statement.

Robert Deutsch: The difficulty for the tax office will be sorting out who has used these off-shore entities legitimately and who used them fraudulently.

Ross: The Paradise Papers are a leak of 13.4 million tax records. Many from Bermuda based law firm, Appleby. The information is being released by a range of media outlets including the ABC.

Among revelations coming up on Four Corners, that Colin Diamond – lawyer of INXS front man Michael Hutchence – has grabbed ownership of his estate and intellectual property rights.

Marian Wilkinson: It will raise questions about what Tiger Lily, Michael Hutchence’s daughter, will actually get from her fathers’ rights.

Rhett Hutchence: There’s nothing left for anybody, we’ve got nothing really. It all got chewed up in legal fees. They sold off a lot of his assets even.

Ross: It’s also claimed the Queen’s private estate invested millions in a Cayman Island fund that invested in pay-day lender Bright House, which is accused of exploiting vulnerable families.

The UK Opposition leader – Jeremy Corbyn – tweeted…

Jeremy Corbyn: There’s one rule for the super-rich, and another for the rest of us.

Ross: The papers also claim Australia’s biggest mining company – Glencore – tried to acquire mining rights in the Congo.

Today, the Australian Tax Office launched a criminal investigation. In its statement, it stressed that many named have done the right thing. But said its had “the resources and expertise to take action against taxpayers…caught up in the illegal use of off-shore structures.”

Scott Morrison: There are fewer places to run, and fewer places to hide

Ross: Ross Greenwood; Nine News.

Essential stories relating to this article

What do the Paradise Papers reveal? .

Money Minute – August 23 2017 Tax Hide and Seek .

ATO Commissioner Chris Jordan’s day from hell .

Interviewed  Robert Deutsch, Senior Tax Council,  Tax Institute titled ” The new world of superannuation .”

Interviewed  Robert Deutsch, Senior Tax Council,  Tax Institute titled ” Tax tips for the end of the financial year .”

Interviewed  Andrew Robinson, Lawyer to Paul Hogan titled ” Paul Hogan’s lawyer reacts to tax fraud .”

Interviewed  Professor Deutsch, Senior Tax Council,  Tax Institute titled ” Budget preview – Bob Deutsch .”

Interviewed  Professor Deutsch, Senior Tax Council,  Tax Institute titled ” Superannuation Tax Changes .”

The week that was – 28 April 2017 .

9News: Donald Trump unveil’s big tax cuts .

Interviewed  Professor Deutsch, Senior Tax Council,  Tax Institute titled ” Trump’s tax plan to impact Australia .”

Previous: Money Minute – November 6 2017 Tax Scandal Breaking Today
Next: Will this Citizenship Saga ever end?

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