Voluntary disclosures total more than $820 million

The Commissioner, Chris Jordan, has provided an update on the ATO’s offshore voluntary disclosure initiative, Project DO IT at the CPA Congress in Melbourne.

Mr Jordan noted that more than 1200 people have come forward so far and 700 people have made disclosures of more than $120 million of income and over $700 million in assets. The large volume of individuals coming forward demonstrates that people are taking advantage of this unique opportunity to do the right thing.
With just two months left to declare overseas income and assets under Project DO IT, it is critical that professional advisors communicate the advantages of making a voluntary disclosure to their clients before the December deadline.
“We want all taxpayers with offshore income or assets to come forward by Friday 19 December 2014,” said Mr Jordan.