The Australian Taxation Office (ATO) is strongly recommending taxpayers with offshore assets to declare their interest before the ATO embarks on a global mission to end tax evasion.
The ATO has launched a project called ‘Do It’, which was flagged back in January. This is aimed at providing a last chance for those who have not declared their overseas assets and income before the end of the calendar year. The ATO says Australians can avoid criminal charges if they come forward now.
Tax commissioner Chris Jordan said “now, as Governments around the world step up their data sharing and harness powerful technology to find tax cheats, the concept of tax haven is actually dying”. Jordan also went onto saying it’s just a matter of time before you’ll be caught.
Australians with overseas assets should take advantage of the amnesty and come forward. They will not be investigated or referred for criminal investigation on the basis of their disclosures at this time.
It is strongly recommended if you have been participating in tax evasion activities knowingly that you come forward to the ATO while the amnesty is in place to avoid any criminal convictions. Tax evasion can carry heavy criminal convictions including jail time for those found guilty.
If you would like to speak with somebody on the Fortis Accounting Partners’ team about any of the above, please don’t hesitate to get in touch with us on 02 9267 0108, or via info@exemplary-financial.flywheelsites.com.
