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News: Issue 1
Avoid dodgy tax schemes
 Financial year-end is the time when dodgy investment schemes abound. You may be offered investments that promise large tax refunds or arrangements that put your money in an offshore tax haven or some other seemingly lucrative opportunity.
“Don’t take the bait” is the title of a new Australian Taxation Office brochure that calls on Australians to “investigate before you invest”.
“Everyone wants to build their wealth and achieve their financial goals but people have to be careful. They could lose all their money and have to sell their home, put off retirement or find themselves bankrupt,” says Jo-Anne Bloch, chief executive officer of the Financial Planning Association (FPA), a peak professional body for financial planners.
“Don’t forget, if it looks too good to be true, it probably is.”
She says that while some of the promises these schemes make are just ridiculous to those in the financial services industry, for many inexperienced Australians, they are a trap, “pure and simple”.
Ms Bloch said people should seek financial advice before signing up to complex investments that they don’t fully understand.
To find a FPA financial planner in your area, use the Find a Planner online tool at www.goodadvice.com.au or phone 1300 626 393.
For more information on the Australian Taxation Office ‘Don’t Take the Bait’ campaign got to www.ato.gov.au. |
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Avoid dodgy tax schemes
