Greek tax evaders told to cough up by ATO

The Australian Taxation Office will be intensifying audits related to overseas income and property assets, as it looks to track down tax evaders.

Greek Australians will have until December 2014 to voluntary declare all assets and added income earned in offshore ventures.

It will be investigating Australians with offshore bank accounts, hoping to find information on capital flows, income from capital services, account balances, offshore accounts and transfers to and from offshore bank accounts.

Any information accessible to ATO will be used to prosecute taxpayers who failed to declare income derived from abroad.

Many Greek Australians are unaware through inheritance that they hold property in Greece and might be fined by the ATO if anything in their name that is accumulating income is not declared.

The ATO plans to offer significant fee reductions for people who voluntary disclose any undeclared overseas income and assets.

Source: AUGreekReporter