2014

Tax Amnesty

Source: New South Wales

Published Date: 21 Aug 2014

 
The Australian Taxation Office is urging all taxpayers with offshore assets to come clean and declare their overseas interests ahead of a global crackdown. Unfortunately the details in respect of the project are unclear and as a result many taxpayers are confused as to what this means and fearful of coming forward.

The following issues were considered:

  • how does the Tax Office regard the taxpayer? In some cases ordinary taxpayers are dealing with legacy issues (e.g. parent disclosed to their children before they died that there was an account that existed overseas) v the taxpayer who deliberately evaded tax and has decided to have a clear conscience. Will the penalties be different?
  • how long does it take to get a resolution?
  • will the Tax Office only seek to collect the tax for the last 4 years or will it go to the principal sum? Does the fact the monies were held in an offshore accumulation trust mean the 4 year rule has no application?
  • what is the go forward position of the taxpayer?

Q&A panel session

Author(s): Adrian Abbott CTA
Materials from this session:

Disclose offshore income today

Author(s): Jeff Mcalister , Michael Cranston
Materials from this session:

Taxpayers perspectives

Author(s): Tom Lickess ATI

Structuring to bring funds onshore

Author(s): Ken Schurgott CTA-Life

Details

  • Published On:21 Aug 2014
  • Took place at:George Street, Sydney

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research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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