If you received foreign income and didn’t report it in your tax return, now is the time to review your return and make a correction.
By matching foreign bank account data against Australian income tax returns, the ATO has identified some groups and taxpayers that may not have reported the foreign income they earned.
The ATO will be contacting these groups and taxpayers soon. If they find any foreign income that you haven’t reported, the ATO will work with you to recover any unpaid tax.If you get a letter from the ATO, it will tell you what you need to do.
Next steps:
If you find that you need to make an adjustment or you have made a mistake you can:
If you make a voluntary disclosure you can generally expect a reduction in the administrative penalties that would normally apply.
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