Project DO IT – ATO Amnesty for disclosure of offshore income

Current as of December 2014

The Australian Taxation Office (ATO) amnesty on disclosures of assets or income overseas that they have not previously been made aware of  is about to close on 19 December 2014.

The ATO initiative  allows taxpayers to disclose assets or income overseas on a “no questions asked” basis. The ATO  will then issue amended assessments to the taxpayer for the years where they are able to go back and review assessments under the tax legislation. This Period of Review will be different for most taxpayers depending on the type of income they have earned in the past and when assessments have been issued in recent years. In most cases the ATO will issue amended assessments for the 2010 year onwards but his may vary for some taxpayers.

The amnesty is only relevant to Australian tax residents.  If you have any Australian resident clients, please refer to this more detailed article, or of course contact us to discuss.

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