The Australian Taxation Office (ATO) 2014 amnesty initiative to
disclose your offshore income and assets is winding up. So what if
you didn't apply for amnesty under Project Do It? Is it too
late for you?
Project Do It
On 27 March 2014, the ATO announced the Project Do It initiative
as a one-off opportunity to allow eligible tax payers to come
forward and voluntarily disclose unreported foreign income and
assets pursuant to certain undertakings by the ATO.
The ATO urged everyone to declare any undisclosed offshore
income or assets ahead of a global crackdown on people using
international tax havens. In particular, the ATO emphasised that it
would be using powers offered under agreements between Australia
and other countries (such as Switzerland) for exchange of
information about hidden or undisclosed offshore income and
assets.
