The ATO is considering turning a blind eye to rich Australians’ previous tax offences if they voluntarily come forward with information about undisclosed offshore assets like Swiss bank accounts.
ATO deputy commissioner Michael Cranston told BRW this week that the offer of amnesty could encourage second- and third-generation wealthy Australians to “clean up the past” and come forward to avoid bigger fines or jail time.
Amnesty would “not be possible for criminals who have deliberately cheated the system”, he said.
The offer comes as international tax authorities – including Switzerland – move to work more closely together on tax transparency.
There’s more on BRW.
Business Insider Emails & Alerts
Site highlights each day to your inbox.