Published on 01 Jun 14
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
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.
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