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02 Jun 10 Do you have clients who have income or assets offshore?

On 31 May 2010, the ATO sent a broadcast message to tax agents entitled "Do you have clients who have income or assets offshore?"

Taxpayers who haven’t declared all their income or profits from sale of offshore assets can take advantage of the Offshore voluntary disclosure initiative, which closes 30 June 2010.

In media release No 2010/06, issued 1 June 2010, the Commissioner, Michael D’Ascenzo, has warned taxpayers not to wait for another offer.

“If you’ve been waiting to make a disclosure, or hoping we will extend the offer, now is the time to act. This offer will end on 30 June 2010, and the concessional penalty arrangements for full disclosures will no longer be available,” Mr D’Ascenzo said.

 


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