18/02/2003 - 21:00

Warning on super promoters

18/02/2003 - 21:00

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Warning on super promoters

THE Australian Tax Office has expressed concern about schemes designed to avoid tax by shifting business profits into superannuation.

Tax commissioner Michael Carmody said the arrangements were being promoted to small business owners.

Promoters of these schemes claim small business owners can use fixed trusts to distribute business profits into self-managed superannuation funds.

It is claimed that participants can escape the age-based deduction limits and the superannuation surcharge liabilities that would result from direct contributions.

The tax office is finalising its view on these issues, but Mr Carmody said “on the information available, we doubt these claims”.

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