tax schemes warning

Couple of days ago the Tax Commissioner Michael D’Ascenzo issued a press release warning taxpayers to steer clear of tax avoidance - 

“It is at this time of year we see an increase in the number of tax avoidance schemes being promoted. As appealing as an investment opportunity may sound, sometimes the promised tax benefits might not be available under the law," Mr D'Ascenzo explained.

Modern tax schemes can be very sophisticated and may masquerade as complex investments or other arrangements that can appeal even to experienced investors. Just like genuine investments, these schemes might promise you 'wealth creation' or financial security. Others can exploit your social or environmental conscience by promising you large up-front tax deductions for donations to charity or 'green initiatives'. Many are marketed via social media or glossy promotional brochures, with offers of exclusivity and the stamp of approval from so-called 'experts'.

My advice – DON’T FALL FOR THESE SCHEMES without first doing your research and seeking independent advice. If you're considering entering into an arrangement that will affect your tax liabilities, it's important to carefully investigate and understand the tax consequences before making your investment decision.

You know the old saying: if it seems too good to be true, it probably is.

If not sure, feel free to ask me – my business is to keep your financial affairs in proper order.