The ATO is offering a voluntary disclosure initiative for taxpayers who have undeclared foreign income.  This offer is open until 30 June 2010.
 

1. Taxpayers can approach the ATO anonymously
2. The ATO will indicate whether they would investigate the taxpayer's arrangements for any potential criminal law breaches
3. For additional taxable income of less than $20,000 in a year, no penalties will apply. In other cases, a 10% penalty will apply. This is significantly lower than the ATO's usual penalty of up to 90% of the tax shortfall.
4. The ATO will offer payment arrangements to assist taxpayers in meeting their obligations
5. The ATO will offer concessional general interest charges