Global Watch ()
The Australian Commissioner of Taxation recently announced a new offshore voluntary disclosure initiative for 2014, titled ‘Project DO IT: disclose offshore income today.’
Taxpayers eligible for this initiative are those that have failed to declare non-Australian income or capital gains, or previously over-claimed tax deductions in Australian tax filings. This initiative will provide taxpayers with a mechanism to make disclosures to the Australian Taxation Office concerning their international taxation while taking advantage of significantly reduced penalties and a shorter statute of limitations. Eligible Project DO IT taxpayers will not be further investigated for fraud or evasion.