Under Project DO IT (disclose offshore income today), taxpayers who voluntarily disclose offshore income and assets before 19 December are eligible to take advantage of special terms offered under the initiative. Under these terms, taxpayers making disclosures will only be assessed for the last four years, be liable for a maximum shortfall penalty of 10 per cent, and will not be referred for criminal investigation.
However, while there may be great incentive for taxpayers to disclose now, Simon Aitken, director at RSM Bird Cameron, said many individuals could not complete a Project DO IT Disclosure Statement on time, due to a lack of adequate records.
“For those that think they may have left their run too late, RSM Bird Cameron urges them to lodge an Expression of Interest, which, if accepted, will give them more time to complete the Disclosure Statement. Submitting an Expression of Interest can be very straightforward.
“Taxpayers with undisclosed foreign income or assets are rolling the dice if they choose not to participate in the Project DO IT amnesty. Participating in the amnesty will let taxpayers minimise penalties, avoid criminal prosecution and hopefully sleep better at night,” Mr Aitken said.
“Taxpayers may never get another opportunity to participate in an amnesty of this nature, so any taxpayer that wants to participate in the amnesty must take action immediately.”