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Expat South African Living in Australia? It is time to come clean and disclose your SA funds

 

Extract from the public statement made by  Malcolm Allen, Assistant Commissioner, Large Business and International (ATO Australia)
Take advantage now

 
Taxpayers who haven’t declared all their income or profits from the sale of assets can take advantage of the Offshore Voluntary Disclosure Initiative, which closes 30 June 2010.  This initiative provides concessional penalty arrangements for taxpayers who take advantage and make a disclosure.
Taxpayers who self amended their returns to disclose offshore income will not be able to take advantage of the concessions offered by this initiative.

To qualify for the concession

To qualify for this congressional treatment, taxpayers need to submit a voluntary disclosure in writing on the Making an offshore voluntary disclosure statement, available on our website at www.ato.gov.au/offshorevoluntarydisclosure

Malcolm Allen
Source: ATO – International Taxation

 

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