More than 340 Australian have parked funds in Swiss bank accounts managed by financiers and lawyer promoting tax evasion schemes, the federal government says.
They are now the targets of a Serious Financial Crime Taskforce operation as part of an international investigation into the non payment of tax or other criminal activity.
"Taskforce agencies are working through their intelligence to determine the taxpayers in this group who have done the right thing, and those who have been concealing the true nature of their tax affairs," revenue and financial services minister Kelly O'Dwyer said in a statement.
The Australian inquiry comes after search warrants were executed and arrests made by authorities in the Netherlands, United Kingdom, Germany and France earlier in the week.
Of the 346 Australians identified, 23 have already come forward to the Australian Taxation Office or have been previously subject to ATO compliance action, Ms O'Dwyer said.
"Unfortunately, there are still those who believe they can dodge from their tax obligations and avoid detection by government agencies," she said.
The Australian taskforce investigation expects to identify its targets in the next few weeks.
Under law, persons who evade taxation face severe financial penalties and possible jail time.