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

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.

Author profiles:

Eric Cheung
Eric works in Tax Controversy, Deloitte. Current at 01 June 2014
 
Tom Lickess ATI
Tom is a Account Director, Tax Controversy, Deloitte Touche Tohmatsu. Current at 01 June 2014 Click here to expand/collapse more articles by Tom Lickess.
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