Undisclosed offshore income

The ATO’s Project DO it offers taxpayers with unreported income from offshore investments to make a full voluntary disclosure. In return, the ATO will reduce tax penalties to a very low 10% and will only look back over the past four years. It is even willing to discuss ways of repatriating offshore assets to Australia in a tax effective manner.

This is a good opportunity to fix up tax problems which may have been festering for many years, perhaps because of bad advice from promoters of tax schemes or because of inherited offshore assets bequeathed by deceased family members

Cristy Houghton