31 Mar 14 ATO says "Disclose offshore income and assets now"
In media release No 2014/08, issued 27 March 2014, the ATO is urged all taxpayers with offshore assets to declare their interests, ahead of a global crackdown on international tax havens.
The ATO says that if clients of tax agents have offshore income or assets, now is the time for them to review their overseas financial activities and make sure their tax is in order.
The recently announced "Project DO IT: disclose offshore income today" provides clients with an opportunity to make a voluntary disclosure in return for reduced penalties and other incentives, but is only available until 19 December 2014.
Under Project DO IT, people disclosing their offshore assets will generally only be assessed for the last four years, be liable for a maximum shortfall penalty of just 10% and full shortfall interest charges, and will not be investigated by the ATO or referred for criminal investigation on the basis of their disclosures.