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ATO warning on aggressive tax planning

The ATO is warning taxpayers of aggressive tax planning strategies will attract a significant amount of scrutiny. A number of specific strategies have been flagged as aggressive in a video named ‘Tax Tricks That Will Get You In Trouble’.

When it comes to tax avoidance schemes, it is not uncommon for individuals to be duped by a fraudulent investment opportunity or given bad advice from an unqualified financial planner. The advice that the ATO give is fairly straightforward: if a tax planning strategy seems too good to be true then it probably is.
This is also advice that should be applied to investment returns that seem unrealistically high. Multiple research studies have proven that people with higher rates of education and investment experience are actually more likely to fall for fraudulent investment scams because they are less likely to seek an outside opinion.

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