ARTICLE · 25 AUGUST 2014

Project DO IT: ATO amnesty for offshore income

Rockwell Olivier

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Project DO IT is a opportunity for eligible taxpayers with unreported income from offshore investments to come forward.

AustraliaTax

Australian Tax Office amnesty for offshore income

As you may or may not be aware, the Australian Taxation Office (ATO) has initiated Project DO IT, currently the world's best tax amnesty program. Project DO IT is a golden opportunity for eligible taxpayers who have unreported income from offshore investments to come forward to the ATO. There are considerable benefits of making a voluntary disclosure, not limited to reduced tax penalties, a limited period of review and a greatly reduced risk of facing criminal sanctions in relation to offshore investment activity.

If you have any Australian based clients with investments outside of Australia, this tax amnesty program is of interest to them.

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