Too good to be true?
Each year the ATO see incidents where individuals and businesses become victims of dodgy tax schemes.
Tax planning arrangements that go beyond what the law intended are tax avoidance schemes. They can put your savings at risk.
To help protect you from risky tax schemes, be wary of promoters who:
claim their product is zero-risk
discourage you from obtaining independent advice
do not have a product disclosure statement
recommend changing private expenses into business expenses so they can be claimed against income
inflate or artificially create deductions
suggest arrangements that involve deferring or not declaring income.
You can report a suspected tax scheme to the ATO anonymously by calling 1800 060 062 (between 8.30am and 5.00pm, Monday to Friday) or emailing firstname.lastname@example.org.
If you have become involved in a tax scheme, the ATO can help. Please report it to the ATO ASAP, you may be eligible for reduced penalties.