Any voluntary disclosure that is made by a taxpayer before being told that an audit is to be conducted will reduce the base penalty amount by 80% if the shortfall is greater than $1,000 or is a scheme shortfall amount or to nil if the shortfall is less than $1,000.
The taxpayer will generally be taken to have made an honest mistake unless there is information to indicate that the taxpayer did not make an honest mistake. The voluntary disclosure must be made in writing, be signed with the appropriate taxpayer or agent declaration and posted to the ATO.
If you are a resident of Australia for tax purposes, returns lodged before the end of the financial year will be accepted if you are leaving Australia, will cease to be a resident of Australia for tax purposes, and you won’t be deriving any Australian sourced income (excluding interest, dividends and royalty income). The same applies to those who are already not a resident for tax purposes.