The Commissioner’s marketing genius’ has put their heads together to come up with the best way to close down overseas tax havens – with a catchy slogan!
In “Project Do IT”, or Project disclose offshore income today, the Commissioner is providing a “last chance opportunity” for those who have not declared their overseas assets and income. If they make this declaration before 19 December 2014 the Commissioner will only assess four years of tax, only apply a 10% penalty and most importantly will not refer people for criminal investigations.
In announcing this project, the Commissioner reminded taxpayers that last year he raised $480 million in relation to income hidden in tax havens.
So lets stop employing auditors and employ more marketing experts as I am disappointed that I don’t have any undisclosed OS income… I just want to be a part of Project DO IT!