In this edition:
Finishes on 19 December 2014
The Australian Taxation Office (ATO) has recently reiterated its intention to target unreported offshore income by announcing "Project DO IT: disclosure of offshore income today" to encourage taxpayers to voluntarily disclose previously unreported foreign income and assets.
The announcement precedes a planned ATO crackdown on international tax havens, which will include utilising information available through the Australian Transactions Reports and Analysis (AUSTRAC), which has been extended to comprise details provided by countries previously considered safe tax havens such as Switzerland and the Cayman Islands.
The ATO has warned that this amnesty, which is due to finish on 19 December 2014, provides a last chance for those who have not declared their overseas assets and income to bring them into the tax system. This includes:
Benefits of making voluntary disclosure
Under the Project DO IT amnesty, taxpayers making voluntary disclosures will:
Risks of non-compliance
The risks of not complying include:
Making disclosure
If you believe that you may have failed to disclose offshore income or assets, now is the time to act. Failure to do so before 19 December 2014 opens taxpayers up to an increased risk of ATO audit, and the prospect of much harsher penalties, including possible criminal prosecution for tax avoidance.
If you are concerned that any of the above may apply to your tax affairs, you should contact your GCC advisor for assistance on 02 9899 3044.
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