Tax implications explained on the Web

A NEW website has been set up by the Australian Taxation Office to inform people about the taxation implications of investment schemes.

Tax Commissioner Michael Carmody said the new site featured an essential checklist of what people needed to look for before they put their money into managed investment schemes or similar arrangements.

Mr Carmody warned investors that all investment decisions should be made on the basis of expected commercial returns and the underlying viability of the venture.

“People should not make an investment decision on the basis of a claimed tax benefit,” he said.

“It’s important for people to do their homework before they put their money into managed investment schemes because there are many pitfalls.”

The website, www.ato.gov.au/atp, gives investors access to all the Tax Office’s rulings, test cases, taxpayer alerts and publications, plus information about taxpayers’ obligations.