ATO says no red flags related to Project DO IT

The ATO has reassured taxpayers that disclosing under Project DO IT will not mark them with a “red flag”. Project DO IT offers benefits to taxpayers who bring their undeclared offshore income and assets back into Australia’s tax system by Friday 19 December.

The ATO said feedback had raised taxpayer concerns that if they disclose they will be “red flagged” for future investigation. Deputy Commissioner Michael Cranston said this was not the case and that the ATO was far more concerned with the taxpayers who don’t disclose, rather than those who do.