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The ATO has recently released the fourth issue of it’s “Targeting tax crime – a whole of government approach” . Project Wickenby is an initiative by the ATO to identify tax crime and ensure that the government identifies those individuals associated with committing tax crime. The principal partner of Omega Partners has assisted a number of clients in identifying the taxation consequences of their non disclosure on income and overstatement of expenses. It is a complex area of taxation law which requires a highly skilled and knowledgeable accountant to identify and manage the taxation issues working very closely with the clients legal advisers to address and deal with the criminal aspects of having committed tax crime.


According to the ATO Report Project Wickenby has now raised more than $1 Billion dollars. This is significant and demonstrates that the ATO’s data matching capabilities and access to information from offshore sources is extremely sophisticated and the likelihood of now being caught is very high. Many people have built up successful businesses and ventures over the years and sometimes through no fault of their own have been provided advice to increase deductions and to move those funds offshore. Others have come to Australia with significant offshore holdings and have been totally unaware of the need to report their worldwide income. These individuals range from being naive through to totally unaware of the laws and when identified by the ATO can risk losing a significant portion of their wealth in tax Wholesale Green Bay Packers Jerseys , penalties and interest.


By making a voluntary disclosure to the ATO and working together with your accountants and legal advisers we have found the ATO is keen for you to address your affairs and seek to minimise your penalties and interest that is available under the legislation. It is important to address these issues early as the opportunities to reduce penalties and interest are severly reduced once you are subject to audit.


Making your own voluntary disclosure is very foolish. There are legal and taxation implications of doing it yourself and you may inadvertently make a false declaration to the ATO without even realising you have done so. We recently had a client who was unaware that the remittance of funds from an account held offshore in USD when remitted back to Australia into AUD resulted in the application of the TOFA provisions. If the client had not engaged professional advisers to represent them then they would not have identified this issue and their whole voluntary disclosure could have been in jeopardy.


It is also important to engage advisers who have dealt with these matters in the past. Advisers who have established relationships with senior officers of the ATO and understand the dynamics within the ATO. Leaving this to inexperienced advisers or advisers who have not dealt with the ATO in the past on such matters may be worse than doing things on your own.


If you have undisclosed income or have overstated expenses then give Omega Partners a call on (02) 8211 0429 and we can confidentially discuss with you how best it is to proceed with your matter.


Click here for more information about Expat tax return and Expat tax Australia.


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