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Avoid scams this tax time

The Australian Tax Office (ATO) is reminding individuals to remain vigilant against any scams that may pop up this year around tax time.

With over 37,000 scam attempts reported to the ATO this time, last year, individuals need to be wary of scam artists looking to trick taxpayers into either paying for fake debts or giving away their personal details.

Common scams include:
– The ‘fake tax debt’ phone scam
– ‘Fake refund’
– ‘Refund for a fee’
– Email and SMS contact – i.e., asking to click a link, download a file or open an attachment.

Avoid being caught out in a tax-related scam by following these simple measures:

Protect your personal details
Scammers can use an individual’s personal information (i.e., tax file number, full name, date of birth or passwords) to impersonate them. Protect your personal details by storing them in a safe and secure location.

Use correct payment methods
To avoid paying a scam artist for a false debt to a non-ATO related account, make sure you are aware of the proper avenues for paying legitimate debts to the Tax Office.

Avoid oversharing on social media
Scammers may also try to use any personal information you have published on social media sites to steal your identity.

Be cautious when receiving requests for personal details
Should you receive a request to confirm or clarify your personal information, it is always best to contact the ATO to check if the contact is valid or part of a scam.

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Transition to retirement

November 25, 2020

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.