Aggressive tax planners often advise you to borrow heavily and put your money into unusual investments so you claim big tax deductions.
The Australian Securities and Investments Commission (ASIC) regulates and licenses financial products and services, including investments and financial advice. In ASIC's experience, many taxpayers who get talked into aggressive tax planning end up losing their money, because the investments failed and the advice was incompetent.
To protect yourself, always deal with licensed companies and institutions when you invest and get financial advice. Unlicensed companies and advisers have caused Australia's worst disasters.
ASIC's special investor and consumer website FIDO at www.fido.asic.gov.au offers you financial tips and safety checks about all the financial products and services . It helps you avoid scams, pitfalls and expensive mistakes.
FIDO stands for financial information delivered online. It's accurate and unbiased. Check who's got a licence, and who's been banned or disqualified. Discover how to recognise scams and swindlers.
Find out how shares, managed investments, super and insurance really work, and use our financial information directory for Australian websites and other information about finance.
Sign up for FIDO News, ASIC's free monthly email service to keep up to date.
FIDO also hosts ASIC's annual Pie in the Sky Awards, a $50 prize for the most outrageous financial scheme that’s too good to be true.
Past winners have helped detect and close down scams and illegal schemes. If you see something that looks too good to be true, email it to pieinthesky@asic.gov.au
ASIC regulates and informs the public about Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance and deposit taking.
The Australian Securities and Investments Commission Act 2001 requires it to
- uphold the law uniformly, effectively and quickly
- promote confident and informed participation by investors and consumers in the financial system
- make information about companies and other bodies available to the public
- improve the performance of the financial system and the entities within it.
ASIC works with other financial, consumer and law enforcement bodies in Australia and internationally.
Last Modified: Tuesday, 24 June 2003
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