Sometimes we find that people have, what could delicately be termed as, “forgotten” to declare foreign income.
Perhaps they didn’t realise they had to, or they had forgotten they had a flat in the UK, or that if they worked overseas but forgot to take their wife and kids with them they were still resident for Australian tax purposes.
In any case, for whatever reason, left for a few years the problem sometimes gets so big that it seems impossible to rectify. Unfortunately, now adays it is generally only a matter of time before you get caught by data or customs matching. Then it gets really stressful and very expensive.
HOWEVER, you now have a chance to fess up under a new scheme run by the ATO called “Project DO IT” which is open until 19 December 2014.
This initiative differs from past ones as in that there are no steep penalties and there will be no criminal prosecution for tax avoidance. The ATO will also only go back four years.
A perfect opportunity for those that have perhaps dug themselves a bit of a hole to set the record straight.
If you would like to discuss this further (confidentially of course) please call.
Lindsay 02 8090 4112