Over 50,000 tax and super scams were reported in 2021, with the average dollar amount lost per scam at $5,600.
You may have some preconceived notions about the types of people who fall prey to scams, thinking that this would never happen to you. This is a common reaction and has prompted the Australian Taxation Office (ATO) to shed some light on common scam myths.
Common scam myths
Myth #1: Only older people fall for scams
While you may think that most people who fall for scams are the elderly and vulnerable, in the last three years, younger Australians have in fact fallen victim to the most tax scams. In 2021, people aged 25 to 34 reported the most amount of money lost to tax scams, closely followed by those aged 18 to 24. In contrast, those aged 55 and above were among those who reported the least financial losses to the ATO.
Myth #2: Scams are easy to spot. You’d be a fool to fall for one!
You may think that all scams are full of typos, bad grammar, and promises of riches from Nigerian princes. However, scams are becoming much more sophisticated, mimicking official websites and containing convincing language and messages.
Myth #3 – Scams only happen during tax time
Tax and super scams happen year-round, not only at tax time. Common scams that occur throughout the year include:
- Phone calls about a fake tax debt where arrest for non-payment is threatened.
- Text messages saying that you are suspected of being involved in cryptocurrency tax evasion.
- Emails…
