Offshore Assets? Declare them now:

The ATO is ramping up its tax collection machine with its latest advice to declare your offshore holdings now, i.e come to us before we come to you. If you hold assets overseas we recommend declaring the income now before the tax office comes knocking on your door…

http://www.ato.gov.au/Tax-professionals/News-and-updates/Latest-updates/Disclose-offshore-income-and-assets-now/