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A new world order: Global information exchange and the offshore disclosure initiative


In recent years, significant progress has been made in the international cooperative effort to develop and implement measures to address base erosion, profit shifting and tax evasion concerns. One such measure is the OECD’s new global Standard for [the] automatic exchange of financial account information (the global standard), which was unveiled on 13 February 2014.

This article sets out the current state of play. It examines the capabilities of the Australian Taxation Office (ATO) to obtain offshore information relating to Australian taxpayers, with a specific focus on the global standard and its implications. The authors note that, given such recent developments, Australian taxpayers may be advised to review their own tax affairs, and if necessary, take advantage of the ATO’s recently announced “Project DO IT: disclose offshore income today”. This initiative is aimed at Australian taxpayers with omitted foreign income, gains or over-claimed foreign source deductions.

Author profiles

Eric Cheung
Eric Cheung is a Manager at EY with experience in advising clients on the management and resolution of tax reviews, audits and disputes relating to income tax matters. He has assisted clients in dealing with ATO information requests, formal notices, objections and settlement of disputes. Eric’s clients vary from large corporates to individuals. - Current at 05 April 2018
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Tom Lickess ATI
Tom is a Account Director, Tax Controversy, Deloitte Touche Tohmatsu. - Current at 01 June 2014
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