09 Oct 07 Increased scrutiny on tax havensOn 8 October 2007, in an address to the Chartered Accountants Technical Conference in Sydney, Acting Commissioner of Taxation, Jennie Granger, announced the release of the latest Tax havens and tax administration booklet outlining its concerns with tax haven arrangements and advice on how people can get their tax affairs in order. Ms Granger urged people to take advantage of the opportunity to talk to the ATO about any unreported offshore income as soon as possible.
“Commencing in July this year there has already been 91 voluntary disclosures totalling $4.6 million in taxable income. One recent disclosure involved $700,000 in unreported income and resulted in penalties being reduced to 5% of the tax payable. Where there is no voluntary disclosure and people intentionally disregard the tax law, penalties can be up to 75% of the tax shortfall, Ms Granger said in an accompanying media release.
For a copy of the media release No 2007/47, 8 October 2007, go here
For a copy of the Tax havens and tax administration booklet, go here
For a copy of slides used by Ms Granger in her address, go here