Online tax schemes on the rise

The ATO is warning taxpayers about unlawful tax schemes that are being promoted online and offered to taxpayers when they least expect it.  

Tax professionals are being encouraged to inform clients about the risks of tax schemes that may be promoted online on social media, which promise to avoid or significantly reduce tax. Taxpayers who become involved in tax schemes can end up facing heavy penalties.  

Some recent examples of unlawful schemes being promoted include setting up a purported not-for-profit foundation and organising finances to look like the income belongs to the NFP, and offering investors the opportunity to invest in a start-up company that artificially qualifies as an early-stage innovation company. 

More details here.

Have a question? Please get in touch with our team.