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  • Are you being targeted by an illegal scheme?

    While it is important to plan for your retirement and look for ways to maximise your retirement assets and income, it is also important to remind yourself what you can and cannot do.

    We have recently identified a new scheme where SMSF trustees were informed that they can set up a new SMSF to roll-over the fund balance from the old SMSF and then liquidate their old SMSF in an attempt to avoid paying potential tax liabilities.

    Taking part in this arrangement and others like it can result in civil and criminal actions and could ultimately put your retirement savings at risk.

    If you believe you have been approached by a promoter of a retirement planning scheme, we recommend seeking a second opinion from a registered tax agent or appropriately qualified financial adviser. You should also report the promoter to the ATO.

    While we do our best to find and shut down illegal schemes, the best approach is for us to work together.

    It’s important to know what to look out for if you are approached by a promoter and you can find a full list of active retirement schemes in our Super Scheme Smart information pack.

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      Last modified: 12 Mar 2021QC 65041