AceShowbiz - "Crocodile Dundee" star Paul Hogan is breathing a sigh of relief after Australian officials dropped a criminal investigation into his tax dealings. The actor has been accused of using offshore bank accounts to conceal his earnings and is said to owe an estimated $32.1 million to the Australian Taxation Office (ATO).

But Australian Crime Commission Chief Executive John Lawler announced on Tuesday, November 23 that detectives will not pursue the case because of "insufficient prospects of securing convictions". Hogan's lawyer, Andrew Robinson, admitted the end of the criminal probe had provided his client with "immense relief".

However, ATO bosses are still pursuing the 70 year old over his tax bill - even though Hogan admitted in August that he couldn't afford to pay even 10 per cent of the amount.