ATO urges taxpayers to report foreign income this tax time

The ATO has warned taxpayers that it holds data on more than $100 billion held in offshore accounts and uses sophisticated analyses to identify the taxpayers with unreported foreign income.

It is urging taxpayers to report any foreign income whether from investments, family members or overseas employment, no matter how small, and even if tax has been paid overseas. The data shows many Australians with financial dealings in China, the United Kingdom, Switzerland, Singapore and the United States. The ATO encourages taxpayers who have not declared their foreign income to make a voluntary disclosure as soon as possible.

From CAP TAX News – 22 Aug 2019 / Edition 32