Overseas tax havens and large tax refunds are among dodgy investment schemes offering lucrative returns that should be ignored, the Financial Planning Association (FPA) has warned.

Joining the Australian Tax Office call to consumers to take professional advice before entering any investment scheme, the FPA describes the promises in some schemes as ridiculous.

FPA CEO Jo-Anne Bloch says some of the promises bogus schemes make “are just ridiculous, but for many Australians they are a trap, pure and simple”.