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 reportataxscheme@ato.gov.au.

 

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.

 

See also:

Recognise a dodgy scheme

Get out of a scheme

 

 

 

 

 

 

 

 

 

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