Tax scheme investors rush for ATO settlement
Over 33,000 investors have accepted theAustralian Tax Office’s(ATO) settlement offer over discredited mass marketed tax effective schemes, tax commissioner Michael Carmody announced today.
According to Carmody, the figure represents 60 per cent of investors who invested in the schemes.
Carmody says the tax office was pleased with the high take up rate for the settlement offer, particularly in NSW, Victoria and Western Australia.
The release of the figures comes as investors in mass marketed tax schemes are left with just one week to accept the ATO’s settlement offer.
Carmody announced last month that the window for investors to take up the settlement offer, originally due to close at the end of May, would remain open until the 21st of June.
Carmody says investors who are still considering whether to accept the settlement offer should seek advice from a tax expert who has not been connected with the schemes.
AUTHOR
George Liondis
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