The Australian Taxation Office (ATO) has reminded taxpayers to report all foreign income this tax time or risk facing hefty penalties. This includes but is not limited to income derived from work, investments or family members.
The call for accurate reporting comes off the back of recently implemented international data sharing agreements. In accordance with the Common Reporting Standard (CRS), the ATO is able to track money across borders and easily identify taxpayers not meeting their tax obligations. The ATO recently announced it received records pointing to more than $100 billion across 1.6 million offshore accounts.