The ATO says that the deadline is fast approaching for taxpayers to disclose offshore income and assets to the ATO under Project DO IT (Disclose Offshore Income Today). The cut-off date is 19 December 2014.
Deputy Commissioner Michael Cranston said there had been enormous interest in the initiative, with more than 2,500 taxpayers already making the decision to come forward, clean up their tax affairs and get back into the Australian tax system.
“So far we’ve had 1,750 disclosures, totalling more than $240 million in additional income and $1.7 billion in offshore assets. We expect these figures to increase significantly once we receive disclosures from the additional 800 taxpayers who have come forward under Project DO IT, but not yet made a disclosure,” Mr Cranston said.