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Promoters are constantly on the lookout for novel ways to take advantage of the law or changes to the law. They will try to convince people to participate in schemes and promise tax benefits that are not permitted by law.
Tax avoidance schemes can range from those that are mass-marketed and advertised to the general public to those that are boutique or specialised and offered directly to experienced investors. Some are targeted toward individuals and may take advantage of people's generosity as well as their social or environmental consciousness in order to make a profit.
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In most cases, these schemes involve the following:
- reducing a participant's taxable income
- raising the amount of money that can be deducted from their income
- raising discounts and rebates
- evading all obligations, including tax and other payments, completely.
For the purpose of evading taxes or other obligations, a tax avoidance scheme may involve complicated financial transactions or distort the way funds are utilised. Additionally, it may structure arrangements in order to:
- mistakenly count income as a form of investment capital
- exploit concessional tax rates
- unauthorised withdrawal of funds from a retirement account
- transfer funds illegally through a number of entities, such as a series of trusts, in order to evade or reduce the amount of tax that would otherwise need to be paid.
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