The Offshore Voluntary Disclosure initiative closed on 30 June 2010. While you are no longer able to take advantage of this intiative, you can still make a voluntary disclosure of your offshore income by providing details to allow the ATO to amend your income tax returns. The ATO has indicated that they will be increasing [...]
ATO Tax Audits
Tax Audits and Cash Economy
The ATO has today announced that they will investigate close to 46,000 businesses who they suspect may be underreporting their income or involved in some form of tax evasion. It is important to that if you have been involved in these activities to make sure you consult an appropriately qualified professional to handle your case. [...]
Tax Crime and the ATO Response
The ATO has recently released the fourth issue of it’s “Targeting tax crime – a whole of government approach” . Project Wickenby is an initiative by the ATO to identify tax crime and ensure that the government identifies those individuals associated with committing tax crime. The principal partner of Omega Partners has assisted a number [...]
ATO – Tax Audits
A lot of people are concerned when they have been informed by the ATO that they are being audited. It is important to review your operations and for an external accountant to review your accounts to ensure that any disclosures you make to the ATO are full and frank. This can go a long [...]