Tax Time Increase The Risk Of Caught In A Tax Avoidance Scheme! - Accounts NextGen

Tax Time Increase The Risk Of Caught In A Tax Avoidance Scheme!

Tax Time Increase The Risk Of Caught In A Tax Avoidance Scheme!

When the time comes to pay the taxes, people are at more risk of being caught in any kind of tax
avoidance scheme. People often look for the different ways or schemes through which they can increase
their cash flows. Some of the tax avoidance schemes may involve-

 Reduction in the taxable amount unlawfully
 Increase in the offsets and deductions
 Moving of funds inappropriately through the multiple entities
 Avoiding the tax and other obligations.

These are some of the schemes that people consider to save money from the tax or get more refund.
But it can be unlawful, and if people get caught, they have to pay for their mistakes, whether
intentionally or unintentionally.

Most of the promoters or advisers of these tax avoidance schemes often make use of this time. They
took these opportunities of tax time so that they could pitch the schemes. They use all these things or
these tactics just so that they can get some financial gain.

It should be noted that people should pay attention to these things. Every business or individual should
look for tax avoidance schemes, and if they use that, then ATO can take some strict action against them
if the schemes they have used unlawfully.

A person should consider these things, and if they want to know about how they can know that they are
using the unlawful schemes, then they can check out the points mentioned in the following points-

 When there are large deductions in the tax or the refund offer just for the small outlays.
 There can be some schemes that only focus on the advantages of Tax and not on commerciality.
 Some schemes that are given by the financial or legal adviser with their advice are not right for
your circumstances.
 The advice that you get from the financial advice or tax agent is not written because the advice
they give is always in writing. So if it is not, then it means they are doing something wrong.
 The schemes that are only designed so that it can exploit all the new government incentives and
initiatives inappropriately.
 It can be the scheme in which the promoters may offer you to invest too the same person who
is running it set it up.

An individual or business may get involved in these types of tax avoidance schemes, but they can be full
of risks. ATO keeps a close check on these types of think, and if they find out anything wrong, then they
will knock at your door, and then you will have to face the consequences even if you have done it
unintentionally.

That is why it is important for the person to avoid these schemes because if they get caught, they may
have to pay high penalties, and it can also affect other people such as Tax agents, promoters, and many
others.

Next thing to do

If you think that you have entered into any of these tax avoidance schemes or approached by any
promoters who promote the tax avoidance scheme, then you should directly contact the ATO, and they
will handle the situation from there on. You do not even have to worry because when you share the
detail about promoters, it will be confidential.

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