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    5 June 2020

    Promoters of tax avoidance schemes try to take advantage of people when times are tough. They might promise you a big refund on your income tax return, or tell you about a trick to access tax offsets or concessions.

    There are tell-tale signs to look out for to ensure you don’t get caught up in an illegal scheme. Be wary of promoters who:

    • offer zero-risk guarantees for their product
    • refer you to a particular adviser or expert (they may claim the adviser has specific knowledge about the arrangement and the promised tax benefits)
    • claim to be an industry or topic expert
    • ask you to maintain secrecy to protect the arrangement from rival firms
    • charge a fee or commission based on tax saved
    • discourage you from obtaining independent advice
    • don't have a Product Disclosure Statment or prospectus for their product
    • offer advice about illegal phoenixing or liquidation of key companies.

    If you become involved in a tax scheme you may end up having to pay extra tax and penalties. If you’re unsure about the tax advice you’ve received from your advisor or intermediary firm then get a second opinion. Talk to a trusted professional or contact us on 1800 060 062.

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