Current news from our news service

Hot Issues
spacer
10% Super Guarantee from 1st July 2021
spacer
End of year financial strategies
spacer
Closely held payees: STP options for small employers
spacer
Videos to help understand accounting topics.
spacer
ATO Small Business Newsroom - May / June
spacer
New insolvency rules commence
spacer
ATO sheds light on crypto compliance focus
spacer
Post Federal budget reflections
spacer
Federal Budget 2021 - Overview
spacer
Building a more secure and resilient Australia
spacer
Federal Budget 2021 - Health
spacer
ATO signals crackdown on 4 ineligible work-from-home claims
spacer
Taxpayers urged to keep work-from-home records
spacer
Businesses feeling ‘adverse’ impacts of COVID-safe measures: ABS
spacer
New insolvency rules commence
spacer
ATO promises not to ‘destroy’ businesses as it resumes debt collection
spacer
5 strategies for successful ‘work from home’ policies
spacer
Small businesses: don’t forget your FBT concessions
spacer
ATO chases $172bn in undeclared contractor income
spacer
‘Penalties will resume’: ATO flips the switch on debt recovery
spacer
JobMaker Hiring Credit rules and reporting
spacer
ATO data-matching: JobMaker
spacer
A broad range of Calculators.
spacer
ATO Small Business Newsroom
spacer
ATO’s good-faith approach to crypto won’t last much longer
spacer
‘Much more complex’: ATO introduces new partnership profit guidelines
Article archive
spacer
Quarter 1 January - March 2021
spacer
Quarter 4 October - December 2020
spacer
Quarter 3 July - September 2020
spacer
Quarter 2 April - June 2020
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
ASIC sounds warning around high-yield bond scams

 

The corporate regulator has warned of a rise in scammers targeting Australian investors by pretending to be associated with well-known domestic and international financial service firms.

 

       

The high-yield bond scams usually occur after an investor completes an online enquiry form expressing interest in receiving investment advice, often via a third party or comparison site.

Scammers pretend to be associated with well-known domestic and international financial service firms and send professional-looking fake prospectuses with unrealistically high returns.

ASIC also notes that other common tactics include falsely claiming investor funds will be pooled to invest in government bonds or the bonds of companies with AAA credit ratings, and falsely claiming the purchase price of the bonds is protected under the Commonwealth Governments Financial Claims Scheme.

ASIC acting chair Karen Chester has urged investors to be wary of claims that are “too good to be true”, noting that money lost to such scams are hard to retrieve, especially if scammers are based outside Australia.

“Interest rates globally are currently extremely low and expected to remain so for some time. If you see or receive offers of high-yield bonds, they are either high-risk or they may simply be bogus and a scam,” Ms Chester said.

“Investors searching for income-generating investments are at risk of being duped into buying these imposter bonds. Any prospectus offering incredible returns in today’s economic environment is likely to be just that: incredible.

“ASIC warns investors to be sceptical and make proper inquiries before investing.”

Ms Chester has also urged Australian investors to be careful with sharing their personal information online.

“We remind investors to check that they are actually dealing with the company they think they are dealing with,” she said.

“Do not share personal information online unless you can verify who is using the information and how it will be used. We are seeing a rise in suspicious websites that are simply lead generators for scammers.

“Ensuring investment products are true-to-label is front and centre for ASIC. While true-to-label covers all aspects of the investment product being offered, the foundation stone is basic truthfulness, and none more so than that the product issuer is actually who they say they are. This conduct is beyond not being true-to-label; it’s bogus-to-label.”

 

 

Jotham Lian 
29 January 2021 
accountantsdaily.com.au

 

site By PlannerWeb