The Australian Taxation Office (ATO) has introduced a new tax amnesty programme for offshore tax evaders asking them to declare their overseas assets and income by the end of December this year.
ATO said that the people will not be investigated or referred for criminal investigation if they come forward now and declare their assets.
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The amnesty is not just for high income earners, but also for any person in the country who had failed to declare foreign income or capital gains or over-claimed deductions.
Tax Commissioner Chris Jordan said, "Now, as governments around the world step up their data sharing and harness powerful technology to find tax cheats, the concept of the tax haven is actually dying.
"The message is now is the time for individuals with offshore income to get their affairs in order and avoid steep penalties and the risk of criminal prosecution."
ATO has received 8000 voluntary disclosures valued at around $200 million in extra tax and a further $74 million through future returns, during the previous amnesty in 2010.
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By GlobalData
