ASIC plugs planners
The Australian Securities and Investments Commission (ASIC) is firing up its ef-forts to discourage investors from investing in dodgy tax driven investments.
The Australian Securities and Investments Commission (ASIC) is firing up its ef-forts to discourage investors from investing in dodgy tax driven investments.
ASIC has taken the unprecedented step of warning investors they should “never invest in a tax driven scheme” without first consulting a financial adviser.
“ASIC recommends that anyone thinking of investing in a tax-driven investment scheme should get independent advice from a licensed financial adviser before committing any money to it. Never invest in a tax driven scheme without taking this step,” a statement from the investments watchdog says.
ASIC’s warning comes as the silly season starts for tax driven investments in the lead up to the end of the financial year. In the past few weeks, a vast array of agri-cultural investments have registered prospectuses with ASIC, although a number of other less reputable investments have not registered, according to ASIC.
“ASIC regulates these investments … for your protection when it comes to dodgy operators and shonky schemes,” ASIC says.
“One of the requirements is that every Australian managed investment scheme must be registered with ASIC.”
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