Tax Office warns: investigate before you invest

12/05/2009

The ATO is warning that promoters of dodgy tax schemes may increase their targeting of investors in the current tough financial climate, exploiting their financial vulnerability. If you invest in a dodgy tax scheme, you will be risking your original investment plus you could have to pay back any missing tax with interest and penalties long after the promoter and your money are gone.�

So, before you invest in any tax scheme:investigate carefully; seek independent advice from a professional advisor, and/or the Australian Taxation Office; and check information and warnings about investment schemes and scams on the Australian Securities and Investment Commission and the Australian Competition and Consumer Commission SCAMwatch web sites.

For more information, go to the Tax Office’s new fact sheet Tax planning - investigate before investing for more detailed advice and information.

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12 May 2009