Self-Managed Superannuation Funds have been warned by the ATO in their Taxpayer Alert TA2018/1 that they are aware some funds are utilising complex schemes in an attempt to circumvent the dividend washing rules and that the schemes are being looked into!!!
In the alert the ATO have advised that taxpayers attempting to receive additional franking credits will have their affairs reviewed.
Unlike arrangements of the past, this new scheme typically involves procuring options over a period of time that allow additional receipts of dividends at little to no risk.
So please be warned and wary of spruikers of such schemes and if you are looking to get into an investment with a touted tax planning benefit, speak to us first so we can ensure it is legitimate and that you are doing the right thing!
You can learn more in the ATO Taxpayer Alert here.