Save
Taxpayer hands over $3,500 as scam goes national
Investors should be on high alert for a sophisticated scam, with some Australians handing over up to $3,500 unknowingly after receiving a phone call purporting to be from the ATO.
Taxpayer hands over $3,500 as scam goes national
Investors should be on high alert for a sophisticated scam, with some Australians handing over up to $3,500 unknowingly after receiving a phone call purporting to be from the ATO.
The Tax Practitioners Board has warned of a new scam involving a fake telephone call impersonating the board. The TPB provides authorisation to tax professionals, like accountants.
“We have been notified of a telephone scam using technology to impersonate a legitimate TPB telephone number,” said the TPB in a LinkedIn update.
“Please be aware that a legitimate TPB call will never ask for, or demand, credit card payment over the phone.”
Reports of tax scams have risen over the past few months, with the ATO recently issuing a high alert after more than $800,000 was reportedly lost in November alone.
The Tax Office has also had to contend with scammers impersonating registered tax agents, in a bid to lend credibility to the scam.
This week, Queensland Police issued a warning after a victim in Logan had purchased a total of $3,500 worth of gift vouchers in response to an ATO scam.
The Australian Competition and Consumer Commission (ACCC) has advised taxpayers not to engage with such phone calls or emails.
“The Tax Office will never threaten you with arrest, or demand immediate payment of a tax debt or fine with unusual payment methods like gift cards or bitcoin,” said the ACCC.
“If you ever get a call or email claiming you will be arrested due to a tax debt, simply hang up the phone or delete the email. Do not call the number provided in the phone message or email you receive.”
Tax saving
Why fast-tracking tax cuts won’t stimulate the economy
Treasurer Josh Frydenberg has flagged that previously legislated tax cuts could be moved forward in a bid to help stimulate the Australian economy. ...Read more
Tax saving
Last-minute items to check off before 30 June
With the end of the financial year almost here, an accounting firm has outlined key changes with tax returns this year and flagged some last-minute tax strategies to consider before 30 June. ...Read more
Tax saving
Australia’s richest owe the Tax Office $772m
Australia’s elites and private companies fell $772 million in taxes due to miscalculations and deliberate tax avoidance, the Australian Taxation Office has revealed. ...Read more
Tax saving
Do you have to pay taxes on a trust?
Trusts are usually set up for business, estate planning and investment purposes to separate the legal and beneficial ownership of assets held within the structure. ...Read more
Tax saving
Government rebuffs regional allowance and tax concession reform
A review’s findings into the viability of area tax concessions and payments for regional and remote Australians has had its recommendations shut down by the same government who requested the report...Read more
Tax saving
Penalties for tax fraud in Australia
Public taxes are used to fund government projects in relation to health, defence, infrastructure and many other national and local projects that require public funding. ...Read more
Tax saving
Disaster relief payments receive tax-exempt status
The Australian government has made disaster relief payments to bushfire-affected individuals and businesses tax-exempt while extending tax-free financial support to NSW Rural Fire Service volunteers. ...Read more
Tax saving
Are your franking credits working?
Here’s what you need to know about franking credits and how they work. ...Read more
Tax saving
Why fast-tracking tax cuts won’t stimulate the economy
Treasurer Josh Frydenberg has flagged that previously legislated tax cuts could be moved forward in a bid to help stimulate the Australian economy. ...Read more
Tax saving
Last-minute items to check off before 30 June
With the end of the financial year almost here, an accounting firm has outlined key changes with tax returns this year and flagged some last-minute tax strategies to consider before 30 June. ...Read more
Tax saving
Australia’s richest owe the Tax Office $772m
Australia’s elites and private companies fell $772 million in taxes due to miscalculations and deliberate tax avoidance, the Australian Taxation Office has revealed. ...Read more
Tax saving
Do you have to pay taxes on a trust?
Trusts are usually set up for business, estate planning and investment purposes to separate the legal and beneficial ownership of assets held within the structure. ...Read more
Tax saving
Government rebuffs regional allowance and tax concession reform
A review’s findings into the viability of area tax concessions and payments for regional and remote Australians has had its recommendations shut down by the same government who requested the report...Read more
Tax saving
Penalties for tax fraud in Australia
Public taxes are used to fund government projects in relation to health, defence, infrastructure and many other national and local projects that require public funding. ...Read more
Tax saving
Disaster relief payments receive tax-exempt status
The Australian government has made disaster relief payments to bushfire-affected individuals and businesses tax-exempt while extending tax-free financial support to NSW Rural Fire Service volunteers. ...Read more
Tax saving
Are your franking credits working?
Here’s what you need to know about franking credits and how they work. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
