The Australian Taxation Office (ATO) has published information on schemes it is monitoring that encourage Australians to inappropriately channel money through their self-managed superannuation fund (SMSF).
The organisation said these areas were being monitored as they were being increasingly used by promoters as a way to maximise retirement assets and income.
Schemes which were designed to provide an unfair tax advantage were being shut down by the ATO.
The schemes were:
“We encourage all advisers in wealth management and retirement planning to think carefully about whether a retirement planning scheme is tax and regulatory compliant.
"Seek a second opinion from a professional colleague or another trusted practising expert if you think you have been approached by a promoter, or inadvertently involved a client in a scheme,” the ATO said.
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The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
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