‘Too good to be true’: Watch out for these three dodgy retirement schemes, ATO warns
THE tax office could confiscate up to 50 per cent of your savings if you get caught up in one of these “too good to be true” investment schemes.
NOVEMBER 16, 2017
DODGY investment schemes intended to take advantage of complex superannuation loopholes are being spruiked to unsuspecting retirees, putting them at risk of significant penalties, the Australian Taxation Office has warned.
The ATO says it has identified three specific “retirement planning schemes” being shopped around at various forums such as superannuation conferences, all of which relate to channelling income through self-managed superannuation funds (SMSFs) to avoid paying tax.
“They might sound good but in fact they’re too good to be true,” said ATO Deputy Commissioner James O’Halloran. “By drawing attention to these three schemes that concern us, obviously we’re trying to prevent people accidentally moving into them.”
NOVEMBER 16, 2017
