“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