Super Scheme Smart

We are seeing a number of schemes targeting Australians planning for their retirement. These schemes encourage individuals to channel money inappropriately through their self-managed super fund (SMSF).

We have launched Project Super Scheme Smart to help taxpayers and their advisers recognise the warning signs for these types of schemes.

The penalties for being involved in deliberate tax avoidance schemes are substantial. And the penalties aren't just financial – an individual may lose their right to be a trustee of their own superannuation fund or in some cases they could go to jail.

Promoters of these schemes are also on our watch list.

How to recognise a scheme

These schemes have some common features, they:

• are artificial or contrived with complex structures around an existing or newly created SMSF
• involve seemingly unnecessary steps or transactions
• are designed to give the taxpayer minimal or zero tax, or even a tax refund
• aim to bring forward a tax benefit
• invariably sound ‘too good to be true’, and as such they generally are.

How to check if you’ve been caught up in a scheme

We are here to help. Super Scheme Smart, provides guidance to taxpayers to navigate away from potentially risky and illegal financial planning schemes. You can also phone us on 1800 060 062 for further information

See also:

• Super Scheme Smart: Individuals
• Super Scheme Smart: Intermediaries

Remember, if you’re planning for retirement – either for yourself or on behalf of a client – make sure you follow the Super Scheme Smart approach.