[OffshorePrivacy]

After the US was successful, the Australian Tax Office now seeking details of secret UBS bank accounts

THE Australian tax office is using a landmark US case to crack open details of secret Swiss bank accounts held by wealthy Australians as it continues to target off-shore havens.

The Australian Tax Office has requested account-holder details from Zurich-based UBS, after the Swiss bank handed over about 4450 client names to US authorities in August to settle a tax case.

The revelation that UBS may hand over more client information will send clients rushing to their lawyers, said David Drummond, a tax expert from professional services firm KPMG.

He estimated that there could be at least hundreds of millions in hidden funds in the Swiss bank.

A spokesman for Assistant Treasurer Nick Sherry would not comment on the request but said the Government continued to take a "zero tolerance approach" to Australians hiding money in off-shore havens.

This case is sure to be a test for UBS Switzerland which still proclaims they abide by Swiss banking secrecy.

[VorloN]

Sometimes dual nationality comes really handy ... hehe

[PanamaLegal]

Now the Australians smell the blood and are circling the kill.