Other ATO Developments
Offshore voluntary disclosure statement
12.01.2009
The Commissioner has released instructions for making an offshore voluntary disclosure statement on the approved form.
All individuals, companies, corporate limited partnerships, partnerships and trusts (including superannuation funds and deceased estates) that want to take advantage of the offshore voluntary disclosure initiative can use the form to voluntarily disclose income omitted from their tax returns.
If the taxpayer was a member of a consolidated group at the time of the omission, the head company must make the disclosure. Each beneficiary of a trust with offshore income must make a separate disclosure. Each partner in a partnership who is entitled to a share of the partnership offshore income must make a separate disclosure.
For multiple disclosures, a separate form needs to be completed by each taxpayer. For example, a director acting for a number of companies with undeclared offshore income would need to make a separate disclosure for each company.
For the instructions (which include a link to the approved form), click here.
