At tax time it pays to be extra cautious when handing over your tax details or entering into any tax related schemes. Dodgy tax schemes and scams are becoming more sophisticated and can come back to bite you.
Promoters of dodgy investment schemes take advantage of tax time by promising investors high returns or generous tax breaks.
If you invest in a dodgy investment scheme, you could be left with more than you bargained for – like a tax bill, long after your money and the promoter are gone.
It pays to investigate before you invest to prevent losing your hard-earned money and having to pay back any missing tax, interest or penalties.
Before you commit to any investment, get independent advice to make sure the investment is legitimate, including any claimed tax benefits.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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