ATO Target Tax Dodgers
The Australian Taxation Office (ATO) is about to begin an advertisement campaign to encourage taxpayers who have undisclosed offshore assets and bank accounts to voluntarily disclose any income received while concessional arrangements are in place. The concessions offered to taxpayers expire on 30 June 2010 and the Commissioner has advised taxpayers not expect any further concessions. Holding assets offshore or moving money offshore in principle is not illegal however if it is being done to avoid paying tax, remember that the world is becoming a much smaller place and it may be just a matter of time before the ATO catches up with you.
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