Auzzie government fund sends cash to CI

(SMH): AUSTRALIA’S $60 billion Future Fund is sending money to Cayman Islands to try to minimise its tax bill.In the past year, the fund has opened five subsidiaries there, with which Australia does not have a tax treaty or information exchange. At the same the Prime Minister has been part of the global push to crack down on the use of such tax shelters. The tax counsel at the Institute of Chartered Accountants, Yasser El-Ansary, questioned the move. ”In this era of increased transparency across the world, perhaps the Government ought to consider whether this sort of approach is aligned to its broader commitments as part of its role in the G20,” he said.