In a speech to an ATAX conference on Mon 14.4.2014, the Commissioner said the early results from the ATO’s Project DO IT: Disclose offshore income today are promising and show there have so far been 16 disclosures and 33 expressions of interest from others who intend to make a disclosure. Mr Jordan said the ATO is confident this program “will bring many taxpayers back into the system with direct and future compliance dividends”.
The Commissioner said data revolution was one reason why secrecy havens are failing. Country by country reporting, the US Foreign Account Tax Compliance Act (FATCA), and a new G20-endorsed global standard for automatic information exchange “means that it is harder to hide”, he said.
[LTN 72, 15/4/14]