The Australian Taxation Office (ATO) recently released Project DO IT (Disclose Offshore Income Today) as an initiative to encourage eligible taxpayers to voluntarily disclose unreported foreign income or capital gains and related deductions they had claimed incorrectly.

Project DO IT is not purely focused on "sophisticated" taxpayers who have sheltered assets and income in offshore tax havens, it includes "normal" taxpayers who may have inherited money and it has been left in their previous home country or where the deceased resided and has subsequently never been disclosed as part of worldwide income in Australia.            

Any disclosure must be made before 19 December 2014.  

To see full details, click here.

 Lowe Lippmann Chartered Accountants & Business Advisors

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