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"One of the big red flags for agricultural managed investment schemes was the amount of money they had to pay advisers in order to promote their products," Australian Shareholders Association chief executive Stuart Wilson said last night. "There has always been some concern about the tax breaks provided for investors in these schemes and it brought into question whether they were really sustainable over the long term ... and now that two substantial schemes of managers have gone under, it leads us to believe that those who were the pessimists may actually have been right."
My accountant kept trying to push this tax break scheme onto me for years, but I kept saying no and eventually switched to another accountant who actually focused on getting the tax return right rather than trying to cross-sell this high-commission / low-return investment product.
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