12/04/2024: ATO cracking down on unlawful tax schemes
The ATO has warned against illegal tax schemes, clarifying that while legal tax planning is fine, exploiting the system is not. These schemes, which promise illegal benefits, can involve reducing income, inflating deductions or misusing rebates, and are often complex, aiming to evade taxes. Promoters range from advisers to salespeople, and the ATO advises caution, highlighting warning signs like secrecy and guaranteed risk-free benefits. Taxpayers should use ATO services for legitimacy, seek independent advice, and report schemes to avoid penalties.
