With just under 2 months until Project DO IT closes on 19 December 2014, the ATO is reminding those with undisclosed offshore income and assets that they need to act now or risk compliance action and harsh penalties.
Deputy Commissioner Michael Cranston says close to 1,500 taxpayers have already made the decision to clean up their tax affairs and bring income and assets back into the tax system. “So far we’ve had disclosures of more than id=”mce_marker”80 million in previously unreported offshore income and over id=”mce_marker” billion in assets,” Mr Cranston said.
The Deputy Commissioner said those who voluntarily come forward and disclose, as part of Project DO IT, will only be assessed for the last 4 years, only be liable for a maximum shortfall penalty of 10%, and will not be referred for criminal investigation.
[LTN 205, 23/10/14]