AUSTRAC has released its Information Circular No 86 on the ATO’s Project DO IT offshore voluntary disclosure initiative. The Circular says the initiative allows taxpayers to voluntarily disclose previously unreported foreign income and assets before 19 December 2014. It said the ATO is urging taxpayers with offshore assets to declare their interests ahead of a global crackdown on people using international tax havens.
[LTN 121, 26/6/14]