Financial influencers, or ‘finfluencers’, are everywhere on Instagram and TikTok these days. They have huge followings and speak with confidence. But please be careful. Taking financial or tax advice from unqualified sources can lead to serious problems.

We see too many misleading claims, exaggerated deductions, and plain misinformation online. Following this advice won’t just cost you money. It could also mean ATO penalties, significant fines, or even prosecution.

Watch Out For These Bad Ideas:

• Calling your family pet a work-related guard dog.
• Writing off expensive handbags as laptop bags.
• Claiming fuel costs without proper receipts or logs.
• Trying to deduct swimwear as a work uniform.

These suggestions might sound possible. But acting on them could get you into serious trouble. The ATO uses powerful data matching to find suspicious or inflated claims. If your deductions don’t meet the strict legal rules, you could face an audit. Finding mistakes can lead to:

• A bigger tax bill.
• Added interest charges.
• Substantial fines.
• A criminal record, or even jail time in extreme cases.

Stay Safe and Tax Smart:

Be Skeptical: If a tax tip sounds too good to be true, it probably is. Ignore dodgy deduction advice on social media until you verify it properly.

Trust Official Sources: For accurate tax information, always go to the official source: ato.gov.au. Don’t gamble your business or personal reputation for a quick deduction.

Get Qualified Help: Unsure about a claim? Please reach out to experienced tax advisors. The Bates Cosgrave team helps you stay compliant – no filters or hashtags needed! Get real advice you can trust.