This ATO initiative is aimed at providing education for individuals on the potential pitfalls of some ‘retirement planning schemes’.
ATO Deputy Commissioner, Michael Cranston was quoted “after working hard to build a nest egg to fund your retirement, the last thing you want is to inadvertently risk it all by getting involved in a risky scheme. That’s why the ATO is working to help individuals understand what a retirement planning scheme looks like.”
While the features of retirement planning schemes vary, come of the common traits that leave you at risk include:
- a complex scheme that is difficult to understand (usually because it is artificially contrived)
- lots of paper shuffling
- designed to leave a taxpayer with little or no tax to pay, or perhaps even a refund
- provide a benefit in the now (instead of in the future)
Remember the old adage, if it sounds too good to be true then it probably is!
You can report a scheme confidentially by phoning 1800177006 or emailing firstname.lastname@example.org
For more information visit www.ato.gov.au/superschemesmart