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ATO warning on aggressive tax planning

The ATO is warning taxpayers of aggressive tax planning strategies will attract a significant amount of scrutiny. A number of specific strategies have been flagged as aggressive in a video named ‘Tax Tricks That Will Get You In Trouble’.

When it comes to tax avoidance schemes, it is not uncommon for individuals to be duped by a fraudulent investment opportunity or given bad advice from an unqualified financial planner. The advice that the ATO give is fairly straightforward: if a tax planning strategy seems too good to be true then it probably is.
This is also advice that should be applied to investment returns that seem unrealistically high. Multiple research studies have proven that people with higher rates of education and investment experience are actually more likely to fall for fraudulent investment scams because they are less likely to seek an outside opinion.

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News

Authority for super complaints introduced

December 14, 2018

The new Australian Financial Complaints Authority (AFCA) will make it easier for individuals and small businesses to make complaints about their superannuation financial firms.

The Coalition government has responded to criticisms of previous dispute resolution bodies by creating a new financial disputes framework. AFCA has been described as a “one-stop shop” that will improve outcomes for consumers and increase the efficiency of the dispute resolution process.

AFCA’s jurisdiction
AFCA has been given authority over a range of complaint areas including:

What you can make complaints about
Your super complaint to AFCA must adhere to its governing rules. AFCA has specific time limits for complaints but no monetary limits.

You can make complaints about: