ATO Alert

30 April 2009

National awareness program - dodgy tax schemes

The Tax Office is conducting a national awareness program to help taxpayers protect themselves against promoters marketing dodgy tax schemes.

In the current financial climate, we are concerned promoters may increase the marketing of high risk tax schemes and scams, taking advantage of the recent financial vulnerability of many taxpayers.

Investigate before you invest

Promoters of dodgy tax schemes may increase their targeting of investors in the current tough financial climate, exploiting their financial vulnerability.

If you invest in a dodgy tax scheme, you will be risking your original investment and you may have to pay back any missing tax with interest and penalties long after the promoter and your money are gone.

Before you invest in any tax scheme:

• investigate carefully

• seek independent advice from:

• check information and warnings about investment schemes and scams on the Australian Securities and Investment Commission and the Australian Competition and Consumer Commission SCAMwatch website.