Super schemes: If in doubt, check it out

The ATO says about super schemes, if in doubt, check it out. The ATO says it has seen an increase in aggressive tax planning schemes targeting retirement savings, at a time when more than one third of Australians are approaching retirement and are looking at ways to maximise their retirement assets and income. Super schemes doubt check out
The ATO says people are most at risk of being targeted by promoters of these schemes if you are:

  • approaching retirement
  • a trustee of a self-managed super fund (SMSF), and
  • intending to be a self-funded retiree.

To combat the trend, the ATO has initiated an initiative designed to inform Australians about the retirement planning schemes that are of concern to it.

These schemes are designed by their promoters solely to help pre-retirees avoid paying tax by channelling money inappropriately through an SMSF.

“Retirement planning is everyone’s right, and makes good sense as long as it’s done within the tax and superannuation laws,” the ATO says. “We want to help you protect your retirement nest egg and provide guidance on what to look out for and where to go for help.”

The initiative, which the ATO has called Super Scheme Smart, provides information and resources including an information pack and case studies.

The following video sketches out the ATO’s concerns.

See this ATO web page for more information.

The initiative, which the ATO has called Super Scheme Smart, provides information and resources including an information pack and case studies.

The initiative, which the ATO has called Super Scheme Smart, provides information and resources including an information pack and case studies.

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