No red flag for declaring assets
Australian taxpayers who voluntarily disclose their offshore income and assets under Project DO IT will not face a ‘red flag'.
The Australian Taxation Office (ATO) said taxpayers had raised concerns they could be red flagged for more investigations if they came forward.
But deputy commissioner Michael Cranston said the ATO is after those who do not disclose, rather than those who do.
He also said those who disclose will be able to close down offshore structures, and bring those assets back to Australia.
He added the aim of Project DO IT was to give taxpayers one last opportunity to disclose before the 19 December deadline.
"These disclosures will enable us to put our resources onto the taxpayers who don't come forward," Cranston said.
Those wanting to disclose should consult with their tax advisor for guidance, the ATO said.
AUTHOR
Malavika Santhebennur
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