Aggressive Tax Planning is a continued concern for the ATO as we see an increasing number of schemes targeted at Australians.
These schemes try to get around the tax system and are promoted to taxpayers with incentives like reducing taxable income, increasing tax deductions and rebates and sometimes even avoiding tax completely.
While these schemes may seem like a good choice, they can put you at risk of receiving severe penalties under tax and superannuation laws.
Anyone can fall for one of these schemes. The people who promote these are targeting wealthier people with higher income or large personal or business investments. Advisers such as tax agents, financial planners, investment advisors and lawyers are also targets because of their influence over their clients.
If you are presented with something that sounds like a tax avoidance scheme, we encourage you to seek a second opinion from a trusted and reputable expert. ATO also ask you to speak up if you have unknowingly used a tax avoidance scheme or have been approached by a promoter. When informed early were in a better position to provide guidance and minimise penalties.
