Last chance to access ATO amnesty for offshore voluntary disclosures under Project DO IT

Recently the ATO attempted to reassure taxpayers by stating that declaring overseas income under Project DO IT would not result in a 'red flag' against their names. The deadline to access the ATO amnesty is 19 December 2014.

We have prepared a number of disclosures for taxpayers with bank accounts and other income to declare from overseas sources. We have managed disclosures for taxpayers with special circumstances by agreeing on particular action plans with the ATO on a case by case basis.

We have acted for taxpayers who have not lodged returns for a number of years after having worked overseas and have been successful in getting the ATO to limit the amended assessments to a reduced period even though they are strictly entitled to go back beyond the four year audit period. We have also had circumstances where the taxpayer's records have been incomplete. On each occasion, the ATO has agreed a reasonable method for declaring the overseas income.