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What do you do when all bets are off?

Published on 17 Nov 2011 | Took place at The Western Australia Club, Perth , WA

The ATO closed the offshore voluntary disclosure initiative (OVDI) on 30 June 2010 - and thus “all bets are off”. Do your clients know what constitutes a conspiracy to defraud the Commonwealth? Are they aware of the consequences? Did you know that the starting point in sentencing for defrauding the Commonwealth where large amounts are involved is six years on each count? Do you know how to make a voluntary disclosure? Do your clients realise the consequences of non-disclosure in relation to off-shore income?

This event considered the importance of compliance and making of voluntary disclosures, the OVDI - as it was and subsequently, the risks once criminal prosecutions loom and possible strategies.

This event was and advanced level discussion group.

Individual sessions

What do you do when all bets are off?

Author(s):  Robert WF SCEALES

This paper covers:

  • operation Wickenby offshore voluntary disclosure initiative
  • taxation fraud
  • commonwealth fraud control guidlines
  • importance of objectivity
  • administrative penalties
  • departure prohibition orders
  • code of settlement practice
  • other practical issues
  • professional indemnity insurance
  • conspiracy to defraud and imposition - Sentences.
Materials from this session: