Dodgy tax schemes- Warning from the ATO 01-05-2009
National awareness program - dodgy tax schemes from the ATO
30 April 2009
National awareness program - dodgy tax schemes The Tax Office is conducting a national awareness program to help taxpayers protect themselves against promoters marketing dodgy tax schemes.
In the current financial climate, we are concerned promoters may increase the marketing of high risk tax schemes and scams, taking advantage of the recent financial vulnerability of many taxpayers.
The program is predominantly on-line and in partnership with leaders in the community including yourself as a tax professional and other tax and business intermediaries.
Supporting your clients To support us in getting key messages to your clients, you may like to use the information 'Investigate before you invest' on your websites or in any communications with your clients.
These fact sheets are available on our website at www.ato.gov.au, and select Compliance issues, Tax planning & schemes.
The following information has been prepared to place on your websites or communications with your clients.
Investigate before you invest Promoters of dodgy tax schemes may increase their targeting of investors in the current tough financial climate, exploiting their financial vulnerability.
If you invest in a dodgy tax scheme, you will be risking your original investment and you may have to pay back any missing tax with interest and penalties long after the promoter and your money are gone.
Before you invest in any tax scheme:
§seek independent advice from:
- a professional advisor, and/or - the Tax Office
§check information and warnings about investment schemes and scams on the Australian Securities and Investment Commission and the Australian Competition and Consumer Commission SCAMwatch website.