ATO tagged posts

Australian Tax Office Warns of SMFS Scam

January 14, 2009 International Taxation  No comments

The Australian Tax Office (ATO) has issued a warning about self managed superannuation funds (SMSFs).

The SMFS schemes have claimed to allow early access to superannuation funds, deemed illegal. According to the ATO the schemes have been targeted at those perceived to be of lower English speaking capacity or in difficult communication situations. This allows the organisers to mislead the victim as to the legality and implications of early super-annuation access.

Tax Commissioner Michael D’Ascenzo voiced his concern to the plight of the victims, as both them and the organisers could be regarded as guilty and faces legal and taxation ramifications.

Self managed superannuation funds are in essence a trust fund which has elected to be a regulated fund with an investment strategy, acting as...

Read More

Australian Tax Office Subject to Email Scam

January 9, 2009 International TaxationNew Zealand Taxation  No comments

Current Australian tax payers, or those previously registered as paying tax in Australia could be victims of an email scam. The scam could extend to current New Zealand residents who have payed tax in Australia.

The Australian Tax Office (ATO) has issued warnings in regards to emails that have been circulating under the guise of official ATO correspondences. Typically the email will be adorned with the official ATO logo and have subject lines similar to “Australian Taxation Office – Please Read This” although similar designs have been reported.

The emails urge readers to provide personal details and credit card information, sometimes under the guise of being used for tax refunds. The ATO has issued warnings saying that no links should be followed from unsolicited emails.

Read More