Other ATO Developments
New offshore income disclosure offer
30.11.2009
The Commissioner has made a new offer to encourage voluntary disclosure of offshore income. The new offer is available until 30 June 2010 and its features are:
- if the additional taxable income is $20,000 or less in a tax year, no shortfall penalty is payable for that year;
- if the additional taxable income exceeds $20,000 in any tax year, the shortfall penalty will be remitted to 10% of the additional tax for that year;
- the general interest charge will be reduced to nil for tax years up and including the 2002 year, will be reduced to the base rate for the 2003 and 2004 tax years and will apply for later years at the normal rates; and
- the ATO will provide an indication of whether it will refer a disclosure for investigation to determine whether there is any potential breach of the criminal law.
For further details, click here.
