Australia Ramps Up Efforts To Find Offshore Income, Assets

Australia’s taxing agency is doubling efforts to identify individuals with undisclosed foreign income and assets so they can participate in a streamlined tax program for individuals with offshore assets, the agency said Monday.

The Australian Taxation Office said it is sorting through data to identify people with offshore assets so it can encourage them to disclose under Project DO IT, an offshore disclosure initiative that assesses taxpayers for their past four tax years and imposes a maximum 10 percent shortfall penalty and full shortfall interest charges.