The Australian Taxation Office (ATO) is ramping up its “Project Do It” assault on offshore tax evasion by Australian residents. It is encouraging residents with undisclosed offshore funds to take advantage of an amnesty before 19 December 2014.
To date, some 375 residents have made disclosures under the amnesty arrangements. Approximately AUD37 million has been reported so far.
According to the Taxation Office, a further 450 or so residents have indicated they propose to make a voluntary disclosure under the amnesty.
A new interactive webpage (http://taxmatters.gov.au) has been launched dealing with global tax evasion.
As an example of the degree to which the Australian Taxation Office has already liaised with other international revenue authorities to combat international evasion and the wide scope that they have for exchanging information, the ATO has released several posters and a video that can be viewed at – http://taxmatters.gov.au/discloseoffshoreincometoday
Director Principal of Rollo & Company Pty Ltd, a CPA practice that specialises in Australian & international tax, estate and succession planning, professional education, negotiation and mediation, mentoring – executive coaching, and higher education consulting. We also provide the Student Ombudsman Service at Macquarie University in Sydney.
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