Australian Tax Office amnesty for offshore income
As you may or may not be aware, the Australian Taxation Office (ATO) has initiated Project DO IT, currently the world's best tax amnesty program. Project DO IT is a golden opportunity for eligible taxpayers who have unreported income from offshore investments to come forward to the ATO. There are considerable benefits of making a voluntary disclosure, not limited to reduced tax penalties, a limited period of review and a greatly reduced risk of facing criminal sanctions in relation to offshore investment activity.
If you have any Australian based clients with investments outside of Australia, this tax amnesty program is of interest to them.
Click here to read our information sheet about Project DO IT.
At Argyle Private by Rockwell Olivier, we're already working on a number of assignments under the Project DO IT program to assist taxpayers in sorting their international tax affairs, including "cleaning up" their undeclared foreign income, assets and unpaid taxes.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.