Investors urged to disclose offshore assets
The Australian Taxation Office (ATO) has once again reminded investors to voluntarily disclose offshore assets or income under Project DO IT before the December 19 deadline.
The ATO's Michael Cranston said almost 1500 taxpayers have come forward to declare or lodged expressions of interest to do so.
"We can retrieve details of undeclared offshore income and assets from more than 100 countries and we also get information from people in Australia about those who aren't paying their fair share," Cranston said.
"It is only a matter of when - not if - you are detected."
The ATO said those who declare by the deadline will only have to pay tax and interest owing for the past four years, penalties are capped at 10 per cent, and there is no prosecution.
Cranston said even those who find out they have offshore assets or income when a family member dies, or those who have disobeyed the law because of bad tax advice still have to declare.
"Talk to us about any overseas assets or income you haven't declared or you have only recently become aware of, regardless of the reason, and we'll help you put things right."
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