With anything in life, if something sounds too good to be true, it probably is!
If you’ve ever come across a scheme that offers you tax deductions or refunds that seem out of this world, it could be unlawful.
Before investing your hard-earned money, look out for the following red flags of a dodgy scheme:
- It sounds too good to be true – these schemes often offer large tax deductions or refunds that no other tax planner can match.
- It focuses on a ‘cash injection’ – promoters often spruik government incentives or offsets to deliver quick cash into your back pocket, even if your business isn’t eligible for it.
- Fees are based on your savings – promoters of tax avoidance schemes usually base their service fees on how much tax they promise you will save.
- You’re discouraged from getting a second opinion – promoters don’t want to run the risk of you finding out that their scheme operates outside the intent of the law.