Community News

Second opinion helps keep investments what they should be, smart

The ATO is encouraging investors to seek independent professional advice before signing up to ‘tax effective schemes’ in case they turn out to be something they are not. Deputy Commissioner Tim Dyce said with these illegal tax schemes becoming increasingly sophisticated, getting the right advice is more important than ever. “We see many illegal tax schemes, which are often cleverly ‘dressed up’ as seemingly legitimate arrangements. These could have impact on your financial security, family and lifestyle”. The ATO knows the majority of its clients want to do the right thing and it is their job to help make people aware of their responsibilities and show them ways to manage their tax affairs more easily. There are two new videos which do just that. “The videos are about recognising the features of aggressive tax planning arrangements. They help people know what to look out for when investing and encourage our clients to always seek a second opinion if something ‘seems too good to be true’,” Mr Dyce said. “Smart investing these days needs to be more than just trusting your instincts.” “Don’t get caught out; make sure you do your research, and get a second opinion from an independent adviser such as a tax agent, financial adviser or us,” Mr Dyce said. The ATO can help by providing support and advice and is committed to dealing with those who actively avoid their tax and super obligations. Remember to protect what matters most; your financial security, lifestyle and family-they’re not worth risking if you’re not sure. Contact the ATO or someone that is not connected to the arrangement. You can also refer anything suspicious to the ATO.