The ATO is warning the community to be wary of incorrect or misleading information this Tax Time, particularly claims promising greater refunds, shortcuts or hacks.
The ATO is seeing a rise in tax-related content and ‘tips’ being shared — especially online — and is urging taxpayers to treat unverified advice with caution.
Australians should think twice before acting on information from third-party sources such as artificial intelligence (‘AI’) platforms, ‘finfluencers’, or advice from family or friends. Although the ATO acknowledges that AI can be helpful, it can lead to inaccurate advice: “Your tax return isn’t the place for guesswork.”
The ATO also revealed that, this Tax Time, it will be focusing on areas where taxpayers are likely to make errors, including work-related deductions and expenses (and properly apportioning such expenses), and omitted income (including from ‘side-hustles’, cash jobs, and rental income).
Note: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
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