Voluntary disclosure still best option
Although the Offshore Voluntary Disclosure Initiative (OVDI) closed on 30 June 2010, taxpayers who have not disclosed offshore income or capital gains or who have over claimed deductions in respect of that income or capital gain are still able to come forward and make a voluntary disclosure to the ATO. Advice on what taxpayers need to do can be found at voluntary disclosure overview.
Taxpayers who make a voluntary disclosure will generally face reduced penalties, provided they come forward before they are subject to a review or audit. Furthermore, there will generally be far less chance of a criminal investigation. Of the taxpayers who came forward under the OVDI none have faced criminal prosecution.
Taxpayers wanting to make enquiries about a voluntary disclosure of offshore income can call 1300 132 346.
Disclosures of offshore income and gains should be forwarded to:
Offshore Voluntary Disclosures
Australian Taxation Office
PO Box 3575
ALBURY NSW 2640