The ATO closed the offshore voluntary disclosure initiative (OVDI) on 30 June 2010 - and thus "all bets are off"?. Do your clients know what constitutes a conspiracy to defraud the Commonwealth? Are they aware of the consequences? Did you know that the starting point in sentencing for defrauding the Commonwealth where large amounts are involved is six years on each count? Do you know how to make a voluntary disclosure? Do your clients realise the consequences of non-disclosure in relation to off-shore income?
This event considered the importance of compliance and making of voluntary disclosures, the OVDI - as it was and subsequently, the risks once criminal prosecutions loom and possible strategies.
This event was and advanced level discussion group.