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I can see nothing to indicate a criminal element? There is nothing wrong with using companies overseas to hold property - as long as the relevant aspects are declared. ATO have access to Austrac too.

Yes it would be a controlled foreign company CFC and the aim of the CFC rules is to tax aussie residents that try to avoid being taxed by setting up companies in foreign jurisdictions. The rules vary depending on what the company is doing, which country it is in. Complex rules, which a...