To encourage tax payers with offshore investments to voluntarily make a full disclosure, the ATO had launched the Project DO it, which offers the incentive of reducing tax penalties to a very low rate of 10% along with the added advantage of just being assessed over the past 4 years. The ATO is also ready to provide the opportunity to discuss on how to tax-effectively repatriate offshore assets to Australia.
If you are facing offshore assets-related tax problems over the past years, which may have resulted from ill-advised tax schemes, or inheritance of non-Australian investments, this is a good chance for you to resolve them with the ATO.
Undisclosed offshore income