The ATO has organised a webinar specifically aimed at financial planners.
At 10am on On June 14, assistant commissioner Scott Burrows will talk directly to financial planners to help protect their clients from common tax planning schemes.
These schemes can pose a serious risk to your clients and can potentially lead to promoter penalties for yourself.
You can help protect your clients by being aware of these common tax avoidance schemes:
. claiming the Research & Development tax incentive without meeting legislative requirements and support from evidence and records
. retirement planning schemes that target your clients through dividend stripping, non-arm’s length limited recourse borrowing arrangements, and personal services income improperly channelled through a self-managed super fund
. improper use of not-for-profit organisation structures to avoid paying tax on business or personal income.
Remember to contact the ATO if you see something you are not sure about by emailing reportataxscheme@ato.gov.au or calling 1800 177 006.
You can find more information on the ATO website or by watching Tax Tricks That Will Get You Into Trouble on YouTube.
