The ATO is reassuring taxpayers that disclosing under Project DO IT will not give them a ‘red flag’.
Project DO IT, the ATO’s offshore voluntary disclosure initiative, offers considerable benefits to taxpayers who bring their undeclared offshore income and assets back into Australia’s tax system by 19 December 2014.
Recent feedback to the ATO has raised taxpayer concerns that if they disclose they will be ‘red flagged’ for future investigation.
Deputy Commissioner Michael Cranston has provided reassurance on the issue, saying that the ATO is far more concerned with the taxpayers who don’t disclose, rather than those who do.
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