Rich Australians Could Avoid Jail For Tax Fraud Under A Possible ATO Amnesty

Island The ATO is considering an offshore assets amnesty. Photo: Getty/Tom Pennington

Australia’s tax office is considering an amnesty on unpaid taxes related to offshore assets, according to a report in the AFR.

The report says the amnesty would allow wealthy Australians to avoid jail by owning up to unpaid tax, as well as allow the government to recoup billions in lost revenue.

While it is still in the planning stages, the report says the treasurer Joe Hockey supports the idea, and that it could be made available until the end of the year.

Interestingly, according to the report, Australia’s top tax advisers have been pushing for a deal for their second- and third-generation immigrate clients.

These are people who have to deal with the consequences of their wealthy parents sending money overseas to avoid taxes.

There’s more here.

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