Taxation Law FAQ - Money discovered by Austrac transfered from Tax Havens to Australia
Date: July 13, 2011
Q. I recently received a letter from the ATO based on information from Austrac concerning money transfers from tax havens to my bank accounts in Australia. Is there anything you can do to help me?
A. Yes. Austrac captures all movements of funds in excess of $10,000 per transaction. Obviously the money involved in your circumstances exceeds this otherwise you would not have been detected. Where you have been contacted by the ATO and you are not yet the subject of audit, you may make an unprompted voluntary disclosure. The effect of this is to reduce penalties and in some circumstances interest. Unfortunately this area of the law is not understood by the vast majority of practitioners including nearly all accountants and most tax lawyers. Although there is a certain amount of information available from the ATO it is forms-based and forms-driven the results of which can be disastrous as all it does is describe a process rather than the manner in which these matters need to be approached to obtain the best possible outcome for the non-complying taxpayer.
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