Aust Tax Office program "DO IT" chasing expats

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PNGMK
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Aust Tax Office program "DO IT" chasing expats

Post by PNGMK » Sun, 20 Apr 2014 9:05 am

Hockey is getting desperate. I can't even work out if this effects me.

More info here;
https://www.ato.gov.au/General/Correct- ... ect-DO-IT/


Quote:

This is an opportunity for all Australians who have engaged in previously unreported offshore financial activities to get their tax affairs in order. Increased international cooperation means the net is closing in on tax evaders around the world. In recent years, information sharing between countries has increased significantly. Banking data is being exchanged routinely and automatically and the G20 is promoting global tax transparency. Even countries previously thought of as tax havens, such as Switzerland and the Cayman Islands, are working with tax authorities around the world to increase financial transparency.

Taxpayers are eligible to make a disclosure under this initiative as long as they are not specifically excluded from doing so.

If you need to disclose international financial activities, act quickly and decisively. If we detect you first you will be exposed to the full force of the law, including severe penalties.

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Post by sundaymorningstaple » Sun, 20 Apr 2014 11:42 am

FATCA for Aussies? Sucks don't it!
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Post by Beeroclock » Sun, 20 Apr 2014 10:48 pm

Should only affect you if you were breaking the rules. And in that case it is an opportunity to declare under this amnesty and reduce your penalties. If all your past tax returns are compliant then no action should be required.

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Post by PNGMK » Sun, 20 Apr 2014 10:57 pm

Firstly I think it's a bit of a scare campaign to flush out people hiding assets/funds/income overseas. Secondly I wonder how well it's based in law....

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Post by Beeroclock » Sun, 20 Apr 2014 11:32 pm

1. Er, I thought that's part of the job description of any tax office; "to flush out people hiding assets/income overseas"
2. As per previous post.... I don't think they're changing any laws, just going to start enforcing more actively, and giving people the benefit of signaling this and allowing an amnesty period. So I really don't follow your reasoning on this one.

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