The ATO recently identified a new illegal retirement planning scheme

SMSF trustees were informed that they could set up a new SMSF to roll-over the fund balance from the old SMSF and then liquidate their old SMSF, in an attempt to avoid paying potential tax liabilities.

The ATO warns that taking part in this arrangement and others like it can result in civil and criminal actions and could ultimately put the members’ retirement savings at risk.

If a trustee of an SMSF believes they have been approached by a promoter of a retirement planning scheme, the ATO recommends they seek a second opinion from a registered tax agent or appropriately qualified financial adviser, and also report the promoter to the ATO. Omnis Group in Subiaco can assist you with both.

If you receive an ATO impersonation scam phone call or text message, and have not paid or provided sensitive personal identifying information to the scammer, you can report the scam online.

Scam victims who have paid or provided sensitive personal identifying information to a scammer can call us on 1800 008 540. This number can also be used to verify if an interaction with the ATO is legitimate.

Omnis Group are modern, forward-thinking Business Accountants in Perth, providing practical, proactive, real-world advice and support that goes beyond the basic preparation and lodgement of tax returns, to identify opportunities for improvement in your business. Contact us in Subiaco Perth on 08 9380 3555.