Project DO IT – ATO Amnesty for Disclosure of Offshore Income

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The deadline for the Australian Taxation Office (ATO) amnesty on disclosures of assets or income overseas, which has not been previously reported to them, is approaching its end on 19 December 2014, and accountants in Sydney must take note of this.

The ATO initiative allows taxpayers to disclose assets or income overseas on a “no questions asked” basis. The ATO  will then issue amended assessments to the taxpayer for the years when they can go back and review assessments under the tax legislation. This Period of Review will differ for most taxpayers depending on the income they have earned in the past and when assessments have been issued in recent years. In most cases, the ATO will issue amended assessments for 2010, but this may vary for some taxpayers.

The amnesty is only relevant to Australian tax residents.  If you have any Australian resident clients, please refer to this more detailed article or contact us to discuss.

*Correct as of December 2014

Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.

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