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Avoid scams this tax time

The Australian Tax Office (ATO) is reminding individuals to remain vigilant against any scams that may pop up this year around tax time.

With over 37,000 scam attempts reported to the ATO this time, last year, individuals need to be wary of scam artists looking to trick taxpayers into either paying for fake debts or giving away their personal details.

Common scams include:
– The ‘fake tax debt’ phone scam
– ‘Fake refund’
– ‘Refund for a fee’
– Email and SMS contact – i.e., asking to click a link, download a file or open an attachment.

Avoid being caught out in a tax-related scam by following these simple measures:

Protect your personal details
Scammers can use an individual’s personal information (i.e., tax file number, full name, date of birth or passwords) to impersonate them. Protect your personal details by storing them in a safe and secure location.

Use correct payment methods
To avoid paying a scam artist for a false debt to a non-ATO related account, make sure you are aware of the proper avenues for paying legitimate debts to the Tax Office.

Avoid oversharing on social media
Scammers may also try to use any personal information you have published on social media sites to steal your identity.

Be cautious when receiving requests for personal details
Should you receive a request to confirm or clarify your personal information, it is always best to contact the ATO to check if the contact is valid or part of a scam.

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Managing risk in your SMSF

October 12, 2018

SMSFs provide the trustee autonomy and an increased opportunity to maximise your retirement savings. However, an investment strategy must be accompanied by a risk management plan should some of your investments come up short.

Consider the following risk management strategies:

Diversification
Diversification reduces risk by investing in many different assets including property, annuities and equities. By spreading your earnings across several investments you minimise the risks to your retirement nest egg that can occur if one investment suffers a loss or a disappointing return. Organise your target returns according to your asset class and establish the accepted variation range from this target. This allows you to track your investment portfolio and whether it is setting you on the right financial path.

Liquidity
If you tie up your money in assets like property, then you may run short on cash. It is important that you have cash to cover the costs of running your SMSF and in the case of a member’s total and permanent disablement. If you’re also forced to sell an asset to get this cash the market conditions may not be ideal, and you could receive a disappointing return because you need cash in a rush.