On 21 August 2014 the Australian Taxation Office (ATO) gazetted a Notice on an additional data matching program aimed at identifying taxpayers with undeclared offshore income, assets and investments. Specifically, the ATO will request and collect details on offshore bank accounts from the following financial institutions.
- Australia and New Zealand Banking Group Limited
- Bank of China (Australia) Limited
- Bank of China Limited
- Credit Suisse AG
- Deutsche Bank Aktiengessellschaft
- HSBC Bank Australia Limited
- Hongkong and Shanghai Banking Corporation Limited
- Investec Bank (Australia) Limited
- Macquarie Bank Limited
- Rabobank Australia Limited
- Rabobank Nederland
- UBS AG
- Citibank, N.A.
- Citigroup Pty Limited
As we have noted previously, the ATO has initiated Project DO IT, currently the world’s best tax amnesty program. Project DO IT is a golden opportunity for eligible taxpayers who have unreported income from offshore investments to come forward to the ATO without incurring the significant tax penalties and criminal sanctions that would otherwise arise.
However, a taxpayer is not eligible to participate in Project DO IT if it is first detected by the ATO.
If your clients have unreported income from offshore investments, don’t risk the ATO finding it first. Participate in Project DO IT now and enjoy the benefits of the world’s best tax amnesty program.