ATO issues alert on super, tax scams

Beware identify theft scams.

       

 

The ATO expects to see another spike in scams this tax time, including those that aim to obtain personal data in order to access bank accounts and superannuation.

ATO assistant commissioner Kath Anderson said last year more than 37,000 scam attempts were reported to the ATO during tax time.

“While many people were alert and didn’t fall for the scams, hundreds handed over a total of more than $630,000 and thousands handed over their personal details,” said Ms Anderson.

Ms Anderson said organised crime groups use a range of tactics to trick taxpayers that include asking them to click on a link to divulge their login, personal or financial information or to download a file or open an attachment which enables them to access data.

“Once they have your data, they can either sell it or use it to impersonate you for financial gain,” she said.

“Besides selling it to organised crime groups, identity thieves can use your data to do things like getting a loan or commit fraud in your name, access your bank account and shop using your credit card, access your myGov account, steal your superannuation or sell your house.”

While the most common scam continues to be the ‘fake tax debt’ phone scam, she said, the ATO is seeing an increase in fake refund or refund-for-a-fee scams, and email and SMS scams enticing people to click a hyperlink, download a file or open an attachment.

“While handing over money is a concern, we are just as concerned about people handing over personal or financial information,” she said.

 

Miranda Brownlee
19 July 2018
www.smsfadviser.com

 

More Articles

Most Spoken Languages in the World

Check out the Most Spoken Languages in the...

Read full article

SMSF assets reach record levels amid share market rally

How SMSF trustees are investing their retirement savings. . Over 1.1 million Australians are now...

Read full article

Income-free areas set to increase from 1 July

People nearing retirement often want to know how much they can earn before it affects their pension, and now...

Read full article

Many Australians have a fear of running out

Longevity risk is a growing concern for many working Australians as well as retirees. . The fear of...

Read full article

LRBA interest rates increase for 2025

The safe harbour interest rate for related party limited recourse borrowing has changed for...

Read full article

How to get into the retirement comfort zone

A third of Australians retire without a plan. Here's why you should have one. . Working and generating a...

Read full article

Compliance focus impacts wind-ups

The ATO’s strategic increased focus on compliance is having a noticeable effect on the sector and is now the...

Read full article

NALE bill passed by parliament

The bill that will introduce changes to the non-arm’s-length expenditure (NALE) provisions has passed...

Read full article

Sofie Korac is an Authorised Representative (No. 400164) of Prudentia Financial Planning Pty Ltd, AFSL 544118 and a member of the Association of Financial Advisers.

Financial Advice Sydney and the North Shore Office based in Gordon NSW

Financial Services Guide - Disclaimer & Privacy Policy

^