We mentioned earlier this year that the ATO, under Project Do It, are offering concession for taxpayers who have foreign investments that have not been disclosed on their tax returns in prior years.
This is a one off opportunity to bring your outstanding affairs up to date with limited penalties. After this we expect to see the ATO take more aggressive action in this space.
The final date for Project Do It is 19 December. So if you have any foreign investments you have not previously disclosed, now is the time to contact our office to determine whether they should have been reported.