Switzerland is the top destination for Australian wealth stashed offshore, the ATO says. Photo: Bloomberg
Thousands of rich Australians have come forward to declare billions of dollars in untaxed assets and income stashed in bank accounts in Switzerland and in other countries.
The rush comes as what the Australian Taxation office says is the last tax amnesty it will ever offer comes to an end.
In a warning to anyone feeling reluctant to come forward, ATO said it has an "informer" who has already handed them a list of 122 Australians with Swiss bank accounts.
To date, 1750 Australians have declared a total of $240 million in income and $1.7 billion in assets under the amnesty and another 800 expected to make voluntary disclosures.
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