The Australian Taxation Office (ATO) is conducting another initiative to urge taxpayers to declare understated offshore income and to revise claims for tax deductions where these are overstated. Disclosures of income are to be regarded as applications for amendment on a voluntary basis and will not be subject to the maximum penalties that might otherwise apply for evasion. This amnesty may be used by taxpayers in relation to years of assessment where the time limit for amendment, usually four years, is still open. They will still be required to pay a ten percent penalty based on the income not previously declared, but will not be subject to criminal proceedings.
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