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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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How to avoid the latest tax scam

By Cameron Micallef

October 19 2020
Share

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How to avoid the latest tax scam

By Cameron Micallef
October 19 2020

A consumer watchdog has warned Australians to be vigilant against the latest phone scam.

How to avoid the latest tax scam

By Cameron Micallef

October 19 2020
Share

A consumer watchdog has warned Australians to be vigilant against the latest phone scam.

WA’s ScamNet has reported that losses are mounting following a spate of phone calls and voicemails from scammers demanding payment of a fake tax debt or the victim will be arrested.

So far the service has had 97 reports, with 15 victims losing a total of $188,200, with one unlucky victim reportedly losing $60,000.

This compares with 2019 figures when $100,450 was lost between 22 victims and a total of 51 reports.

Victims have reported receiving pre-recorded phone messages claiming to be from a government agency such as the Australian Taxation Office (ATO), Department of Home Affairs or Services Australia.

The call prompts the receiver to press 1, which takes them through to a person who presents themselves as either working for these agencies or is a case worker dealing with the matter.

The victim is told that their tax file number has been linked to fraudulent activity and a warrant has been issued for their arrest or they have an outstanding tax debt that they must pay immediately otherwise they will be arrested.

Commissioner for Consumer Protection Lanie Chopping said that in some cases, victims are asked what their closest police station is, and they later receive a fake call from that police station.

“The scammers spoof or copy the number of the police station so the victim believes the call is legitimate,” Ms Chopping said.

“They are told to go to their bank and withdraw money that will be safeguarded from the fraudulent activity or that they must pay this money to pay off their outstanding debt. Once funds are withdrawn, they are instructed to purchase gift cards and provide the codes on the back to the caller.”

How to protect yourself:

Confirm the caller’s name, title and why they are calling.
Call the ATO on 1800 008 540 to verify the ATO contact.
Never send money or give financial/personal details to someone you don’t know or trust.
If you have provided your financial information, contact your financial provider immediately.
The ATO will never leave pre-recorded messages.
Government agencies never demand payment through unusual means like gift cards or cryptocurrency.
Government agencies will never threaten immediate arrest.
Do not call back numbers left in voicemails.
Search for legitimate number of agency and call directly to verify the call.
If in doubt, contact WA ScamNet on 1300 30 40 54.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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