TaxPersonal TaxShane Warne caught up in Aussie tax probe

Shane Warne caught up in Aussie tax probe

Australian cricketer's UK earnings in spotlight

A massive income tax evasion investigation in Australia may involve recently
retired spin bowler Shane
Warne
and other cricketers who have spent time playing in the UK.

Operation
Wickenby
is one of the largest tax investigations yet undertaken in
Australia and is focused on alleged tax avoidance by individuals using overseas
companies to hide income.

The cricketers are believe to have become embroiled in the investigation
after failing to declare hundreds of thousands of British pounds managed in
offshore accounts, the Sydney Morning
Herald
reported.

The paper reported that Australia Tax Office investigators believe a large
portion of these players English playing and endorsement earnings were housed in
offshore trusts managed by tax-haven specialist Philip Egglishaw.

The paper said it understood that players were not advised the compensation
should have been declared and taxed in Australia but criminal charges are
considered likely.

Further reading:

Australian music mogul on tax charges

Sydney conducts ‘red-light’ audit

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