The ATO has announced 'Project DO IT', under which they
are offering a 'last chance' for taxpayers to disclose
The ATO now has increasing access to information from foreign
governments and finance institutions, including information
previously considered to be safe from review in 'tax
havens'. This means that the risks of Australian residents with
overseas assets and income being detected by the ATO are much
greater than in the past.
As part of the amnesty, the ATO has offered to:
reduce penalties to a maximum of 10% of any income tax
only assess undeclared income for the last four assessment
not proceed with criminal prosecutions.
Any disclosure must be made by 19 December 2014. We expect that,
after this deadline, the ATO will proceed with aggressive audit and
The ATO is also offering some concessions for taxpayers who wind
up their offshore structures. This may present an opportunity for
individuals who are considering bringing assets back to
You should seek advice before approaching the ATO to ensure the
disclosure meets the requirements that must be satisfied to get the
protection of the amnesty and to clarify the consequences of any
disclosure under the program, as these consequences will depend on
each individual's circumstances.
Winner – EOWA Employer of Choice for Women Citation 2009,
2010, 2011 and 2012
Winner – ALB Gold Employer of Choice 2011 and 2012
Finalist – ALB Australasian Law Awards 2008, 2010, 2011 and
2012 (Best Brisbane Firm)
Winner – BRW Client Choice Awards 2009 and 2010 - Best
Australian Law Firm (revenue less than $50m)
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The income tax treatment of any property lease incentive will vary, depending on the nature of the inducement provided.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).