Tax Tricks That Will Get You In Trouble video transcript
To see the video of this transcript visit Tax Planning.
End of further information
The ATO encourages taxpayers to ensure their tax arrangements are within the law; it’s what makes our tax system work.
However, some taxpayers inadvertently find themselves in a situation where their tax affairs push the boundaries of the law.
It’s these types of tax arrangements that attract our scrutiny to determine whether or not they are lawful.
So if you know of such an arrangement, you can tell us anonymously so that we can help.
Things to look out for include:
- excessively large deductions or tax offsets when compared to investment income
- mixing private expenses with business expenses
- investing now, with no return until later years, if ever
- complex financing arrangements with no obvious commercial purpose
- creating a loan that may never need to be repaid, or
- claiming deductions that may never be paid for.
These types of features should ring alarm bells, because if a tax arrangement appears too good to be true, it most probably is.
And remember, you don’t actually need to be able to recognise an aggressive tax planning arrangement. You can contact us if something just doesn’t seem quite right.
No piece of information is too small and we will follow up on all concerns referred to us.
Reporting possible schemes helps keep the tax system fairer for everyone. And the sooner you tell us, the sooner we can assist.
Visit ato.gov.au/taxplanning to find out more.
Or, to report a scheme or promoter, call 1800 177 006.
Transcript for video 'Tax Tricks That Will Get You In Trouble'