The Australian Commissioner of Taxation announced that Australia will grant amnesty for taxpayers that disclose hidden offshore assets and income. The announcement was made on March 27, and in order to receive amnesty a disclosure must be made before December 19th 2014.
As part of the amnesty, the evading taxpayers will not be subjected to criminal prosecution. A 10% penalty will be applied to any undeclared income shifted or retained abroad, and applied to any overseas gains from the investment of such income. The taxation will be limited to undeclared income from the previous four years.