Does anyone know if/how the ATO would find that FIFs or UK bank accounts existed if not declared?

Jim,

The authorities have ways and means of exchanging information ...

I dare say that one day some bright spark at the ATO will ask the Department of Immigration for details of all arrivals over the last few years and will initiate a tax audit into their affairs ... that would stir up some addditional revenue for the Aussie Government I'm sure.

In short, my advice would have to be don't think about failing to declare all that you should.

Best regards.

quote:

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Originally posted by jim:
Does anyone know if/how the ATO would find that FIFs or UK bank accounts existed if not declared?

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Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England; Perth, Australia; and Melbourne, Australia

Could be worth the risk. What are the penalties?

The cost could be all the tax you have evaded, interest, penalties, and a lot of soul searching ... my advice: don't fail to declare all that you should.

Best regards.

quote:

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Originally posted by jim:
Could be worth the risk. What are the penalties?

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Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England; Perth, Australia; and Melbourne, Australia