Aggressive Tax Planning is a continued concern for the ATO as an increasing number of schemes are being 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.
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.
If you have unknowingly used a tax avoidance scheme or have been approached by a promoter, you should speak to the ATO. If informed early, theyre in a better position to provide guidance and minimise penalties.
If you have any questions, concerns or would like to report a scheme contact ATO on 1800 060 062 or email at reportataxscheme@ato.gov.au
You can visit www.ato.gov.au /taxplanning for more information, or listen to the above interview with Jagjit Singh (in Punjabi)
Jagjit Singh presenting ATO's Tax Talk in Punjabi Source: Supplied
