Beware It's Tax Scam Season
December 17, 2019
Beware It's Tax Scam Season
With over $2.1 million paid to scammers impersonating the ATO this year, the Tax Office is warning of yet another spike as tax payments deadlines draw near.
The latest ATO scam reports show that 622 taxpayers had paid over $2.1 million to scammers pretending to be from the Tax Office this year alone.
That amount was matched in just three months from November 2018 to January 2019, leading the ATO to issue a high alert.
ATO impersonation scams often increase at the end of the year because scammers take advantage of ATO deadlines during this period to make their claims seem more believable.
ATO assistant commissioner Karen Foat is wary of yet another spike in scams this year-end, warning that scammers often exploit key dates to make their threats more believable.
She says scams are becoming much more sophisticated and that anyone who is unsure about the legitimacy of a demand for payment should contact their tax agent.
Ms Foat also warned of the lengths scammers would go to in order to dupe taxpayers, deploying a wide variety of methods at their disposal.
“We see these ATO impersonation scams by phone, email, SMS and even through message apps such as WhatsApp,” Ms Foat said.
“We’ve also recently spotted scammers using the cardless cash feature offered by many banks. Through this feature, victims are sent codes to withdraw cash from an ATM, which they then read out to the scammer.”
“In October, we also saw a spike in email and SMS scams, often asking people to update their personal details. These scams usually contain links to fake online services to get personal information that enables scammers to steal your identity.”
Earlier this year, the Australian Consumer and Competition Commissioner projected scam losses to exceed $532 million by the end of the year, surpassing half a billion dollars for the first time.
In 2018, over $489 million was lost to scammers, with ATO impersonation scams contributing to over $2.8 million in losses.
A total of 114,625 ATO impersonation scams were reported in 2018, with over 21,000 potentially compromised personal identities.
Many small business owners report difficulties when it comes to the delay between issuing an invoice and actually getting paid.
Inventory management is critical for any business. It'll help keep enough stock to satisfy customer demand and avoid pitfalls associated with inventory.
Builders report difficulties recruiting or retaining skilled workers. We outline what’s causing the shortages and how you can find those much-needed skilled workers.
Positive cashflow is the beating heart of your business. Read our Plain English guide to cashflow and find out how to get in complete control of your cash position.
At the Federal Budget in May 2026, the Government announced that it would reintroduce a loss carry back tax offset for companies.
Working for yourself or running your own business? Setup robust systems for expenses & tax requirements so you can focus on your important tasks.
From 1 October 2026, businesses will no longer be able to apply a surcharge to card payments on designated eftpos, Mastercard and Visa networks.
Do you know how to track the financial health of your business? We highlight 5 key metrics you should be tracking and managing to keep your finances on course.
Now comes a decision for anyone who uses their car for work: is it better to claim a deduction using the logbook or cents per kilometre method?
Why is good bookkeeping so vital for your financial management? We’ve got some top hacks for maximising your bookkeeping!
