2 hours Ago By Yahoo Finance AU
Aussies are being warned about as the deadline to submit your tax return is just days away. The (ATO) requires all to have lodged their or have appointed an accountant by October 31. Failure to do so can attract a , which can grow to $1,650 if you keep missing the deadlines.
But CPA Australia's tax lead Jenny Wong said like to seize calendar dates like these to fool people into giving over their personal information or money. “Rushing to lodge can result in more tricks than treats as scammers will target people with last-minute calls to action, or promises of substantial refunds," she said. RELATED CPA Australia said the tax deadline is fast approaching but warned not to rush as it can trip you up or cause certain issues.
“Leaving it until the last minute comes with the risk that you cut corners, get things wrong and don’t submit your return accurately. You could ultimately receive a less favourable outcome as a result," Wong said. “If submitting yourself through myGov, make sure you check the pre-filled information is correct, and don’t just copy and paste the same deductions as last year.
" But if you're overwhelmed by the amount of work that goes into a tax return then fear not. Going through an accountant can help ease the burden of doing your tax return while you only need to have approached a licensed one by October 31 to avoid being penalised. “There’s nothing ghoulish about the tax man - but failing to lodge your tax return on time could ultimately mean a scary penalty,” Wong added.
Wong added that scam text messages, emails, social media posts and phone calls were rife around this time of year. Before the start of the new financial year, the ATO had received 22,000 reports of scams where criminals had tried to impersonate the government body. “Tax scams become more and more sophisticated every year, and scammers prey on the circumstances at the time – in this case, the deadline to lodge is approaching," she said.
“Be very wary of anyone offering unsolicited, last-minute help to file your tax returns, especially if the offer or promise of returns sounds too good to be true. “Scams could come via email, social media, text message or phone call. It’s also a good idea to remind your friends and family to be extra cautious as scammers step up their activity in the lead-up to the deadline.
” There are three main types of tax-related scams identified recently. Tax-related identity theft Fraudsters have been able to access Aussies' accounts and change their bank account details. They are able to lodge refund claims and collect the money when it's sent back from the ATO.
Make sure you keep your personal information as private as possible to avoid the details getting in the hands of the wrong person. Scammers have tried to impersonate the ATO in a bid to get your personal data. You might receive an email or text message that looks legitimately like it's from the tax office, but there might be a different spelling or added detail in the email address.
The ATO will never send you an email, text message or post on social media asking you to reply with your information or send you a link to log into online services or give personal information. Other telltale signs include urgent threats and newly created unverified accounts. People have been known to offer to complete your tax return and will promise substantial returns and a speedier process.
They then ask for access to your myGov accounts or take your personal details and payments before disappearing. To avoid this scam check tax preparers are registered on the . Never share your myGov password with anyone and enable two-factor authentication.
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