Tax tricks that will get you in trouble

Tax tricks that will get you in trouble

The ATO wants to make sure the tax system is fair for everyone because that’s what makes the system work.

Its new video ‘Tax tricks that will get you in trouble’ helps people recognise the features of aggressive tax planning arrangements and provides information about what to do if something about a tax scheme doesn’t seem quite right.

‘We want to make sure our clients have as much information as possible to make informed financial decisions, ‘says Tim Dyce, Deputy Commissioner.

‘We have developed this video to do just that. It also encourages clients to refer information about schemes, or promoters of schemes to us.

‘If an arrangement doesn’t seem quite right, contact us. No piece of information is too small.

‘We know the majority of our clients want to do the right thing.’

We know the majority of our clients want to do the right thing.

The short, easy-to-understand video outlines features that should ring alarm bells:

  • large deductions or tax offsets compared to income
  • complex financing arrangements with no obvious commercial purpose
  • creating loans that may never need to be repaid

The ATO can provide support, advice and assist with referrals. Visit ato.gov.au/taxplanning or call 1800 177 006 for more information.