I got a text the other day “Hi Mum, I have broken my phone and I
am using this number.” The “Hi Mum” scam has exploded with more than 1,150 Australians falling victim to the ploy in the first seven
months of 2022, with total reported losses of $2.6 million.
Once the scammer establishes contact, they start requesting money for an urgent bill or a replacement phone
etc. For those with children or dependant family members, it is not that hard to believe. According to the Australian Consumer and
Competition Commission (ACCC), two-thirds of family impersonation scams were reported by women over 55 years of age.
Another common scam is the lost or unable to deliver package texts and voicemail. With Christmas just around the corner, we can expect to
see another escalation of this scam where tracking links purportedly from Australia Post, Toll, or Amazon etc., are used to instal malware.
Once accessed, the malware will access your contacts and spread the malware and potentially access your personal information and bank
details.
In July, the Australian Taxation Office (ATO) reported a new wave of ‘Tax refund SMSF scams’. The texts purported to be from the ATO
stating that the individual had a tax refund and to click on the link and complete the form.
Another scam purporting to be from the ATO advised that the recipient was suspected of being involved in cryptocurrency tax evasion and
requested that they connect their wallet. At which point the wallet was accessed and any assets stolen.
The ACCC’s
Targeting Scams
report
states that in 2021, nearly $1.8bn in losses were reported but the real figure is likely to be well over $2bn. The largest combined losses
in 2021 were:
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Whether you're planning a lap of Australia or a weekend escape, owning a caravan or camper can be a great investment in lifestyle.
One of the biggest benefits of debt consolidation is the potential to reduce how much interest you’re paying.
At the end of each financial year, your accountant prepares essential documents like financial statements, tax returns, and compliance reports. But what brings it all together? That’s where the Management Letter comes in.
Lenders assess defaults on a case-by-case basis. What’s most important is the context surrounding the default and how your financial situation has changed since.
Some lenders will assess your income using Australian tax rates, even if you're living in a country with lower tax obligations.
Under the expanded program, income thresholds will increase from $90,000 to $100,000 for singles and from $120,000 to $160,000 for couples or single parents.
Federal elections have little effect on Australia's property market, despite common perceptions, according to new research.
Treasury has released exposure draft legislation for Payday Super that will require employers to pay superannuation at around the same time as salary and wages are paid to the employee. The changes are proposed to commence from 1 July 2026.
Shannon Smit dives deep into the compelling world of using self-managed super funds (SMSFs) to invest in property. With her signature energy and expertise, Shannon explains the mechanics of SMSFs, contrasting them with retail and industry super funds, and revealing the unique power they offer individuals to take control of their financial future.
What does it take to turn a modest property portfolio into a self-sufficient powerhouse? In this episode of The Accountant That Builds, Shannon Smit invites you into the fascinating journey of property investment, revealing the key steps, strategies, and mindset shifts that can transform two properties into a thriving, cash flow-neutral portfolio.
At the end of each financial year, your accountant prepares essential documents like financial statements, tax returns, and compliance reports. But what brings it all together? That’s where the Management Letter comes in.
Treasury has released exposure draft legislation for Payday Super that will require employers to pay superannuation at around the same time as salary and wages are paid to the employee. The changes are proposed to commence from 1 July 2026.