Tax time is prime time for tax avoidance schemes

Around tax time there’s an increase in the promotion of tax avoidance schemes by people pitching services for their own financial gain.

While tax planning is allowed within the confines of the law, a tax avoidance scheme involves the deliberate exploitation of our tax and superannuation systems.

Look out for red flags associated with tax avoidance schemes, including:

  • large tax deductions or refunds offered for small outlays
  • schemes that focus on tax advantages, rather than the goal of making a profit
  • schemes that promote opinions from legal or financial advisers with advice not tailored to your circumstances
  • advice not in writing
  • schemes that seem to be designed to inappropriately exploit new government initiatives or incentives
  • schemes where the promoter offering the investment is the same person who set it up and is running it.

If you think you’ve been approached by a promoter of a tax avoidance scheme, or are inadvertently involved in one, contact ATO.

 

Resource: ATO

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About the Author: David McKeller

David McKellar is a Chartered Accountant and Director of Allied Business Accountants, an accounting firm specialising in providing strategic advice and taxation services to business owners, investors and Self Managed Superannuation Funds.

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