ATO targeting illegal retirement schemes
The ATO has identified a range of new illegal retirement schemes aimed at SMSFs and has warned individuals about the severe penalties for involvement in these schemes.
On Monday, the ATO issued an announcement stating that it has identified a “range of new illegal retirement schemes aimed at avoiding tax”.
“These arrangements are designed to help individuals avoid paying tax by channelling money inappropriately through SMSFs,” the ATO said.
“If you are involved in an illegal arrangement, you may face severe penalties under tax and super laws. You could lose your retirement savings or your rights, as a trustee, to manage your own super fund.”
An ATO spokesperson confirmed that the ATO will be releasing further information about these schemes over the coming weeks.
Any individuals concerned about arrangements or that have been approached by a scheme operator should seek advice from a trusted adviser or contact the ATO, the announcement said.