Do You Have Undisclosed Offshore Income?

December 1, 2014

ATO’s DO-IT amnesty comes to an end 19th December

Project DO-IT (Disclose Offshore Income Today) is an ATO initiative that is coming to an end on the 19th December 2014.

Offshore income

This initiative or amnesty is giving taxpayers an opportunity to voluntarily declare undisclosed or incorrectly reported offshore financial activities.
There are considerable benefits of making a voluntary disclosure, including reduced tax penalties, a limited period of review and a greatly reduced risk of facing criminal sanctions in relation to an offshore investment activity.

The ATO are currently working on a large scale international data matching activity, which includes jurisdictions previously considered as tax havens.
If you are concerned about any of your offshore activities its time to act now!

Recent Comments from Greg Williams Deputy Commissioner at ATO…

“I want the people who have undisclosed money offshore to realise they are on notice,’ says Greg Williams, ATO Deputy Commissioner. ‘If they think they can remain undetected, they should think again. We are just one step away from knocking on their door,’

‘To support the enforcement of Australia’s tax and super laws, the law gives us full access to the details of every single international funds transfer involving Australia. Further, our international tax treaty partners are sharing more information with us every day,’
‘Make no mistake; the ATO has a long reach. Just because something happens outside Australia’s borders doesn’t mean it’s beyond the watchful eye of the ATO,”

If you are uncertain of your exposure, or unsure of whether you have a potential issue; we encourage you to contact our office immediately to discuss your situation. T: 02 4926 2300

 

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