The SMSF Association applauds the decision by the Australian Taxation Office (ATO) to launch a program aimed at helping people to safeguard their retirement savings.
SMSF Association Managing Director/CEO Andrea Slattery says this initiative by the ATO, called Project Super Scheme Smart, is welcomed as a way of ensuring people are protected from fraudulent advice and inappropriate tax schemes.
“The overwhelming majority of advisors in the financial services sector play by the rules, but sadly there is a minority element of spruikers that prey on the vulnerable by offering them risky schemes.
“The evidence to date suggests the occurrences of this type of behavior are very rare, but the ATO is taking the right step by setting up this program to raise awareness about the spruikers. This program assists in further minimising the possibility of people being exposed to scams.”
The ATO program, announced today, is part of a broader campaign focusing on tax avoidance schemes. It will provide individuals and SMSF trustees with valuable information about what to look out for and what steps to take if they believe they have fallen prey to a risky scheme.
Slattery says the Association has always worked closely with the regulators, including having input on this program with the ATO to ensure the highest ethical standards in the SMSF sector.
“The ATO’s decision to establish this program also highlights the importance of SMSF trustees in engaging with an SMSF Association specialist to provide them with advice and services to ensure they remain up-to-date on any changes happening in the SMSF sector and superannuation more broadly.
“Getting high quality professional advice is the best insurance to ensure individuals and SMSF trustees avoid becoming a victim of fraudulent behavior.”
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