ATO warns of tax time crackdown
The Australian Taxation Office (ATO) is warning investors to steer clear of tax avoidance schemes and seek independent financial advice as the end of the financial year rolls around.
Tax Commissioner Michael D’Ascenzo (pictured) said there were many different types of tax schemes, from publicly listed marketed arrangements to specialist financial arrangements offered by experienced advisers.
“Doing your research and seeking independent financial advice from someone not involved with the arrangement before investing is your best protection against promoters of tax avoidance schemes,” he said in a statement to investors.
Not getting the right information and advice could lead to a large tax debt, substantial penalties and in some cases even prosecution, he added.
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