July 2024 – Accounting and SMSF Roundup

July 2024 Round Up - Tax time scams, claiming home expenses and Essential Tax reminders

This month we’re covering critical tips and strategies to protect yourself during tax time. Click to read below: 

1. Scams to watch out for at tax time

2. Being informed about what you can claim as ‘working from home expenses’ 

3. Critical reminders for small business

Scams to watch out for at tax time


As tax season approaches, it’s important to beware of multiple scams circulating through websites, email, SMS and social media. Despite efforts by the ATO and the National Anti-Scam Centre (NASC) to eliminate these scams they continue to increase around the taxation period. 

These scammers may contact you to:

  • Offer a refund
  • Help with tax issues
  • Alert you to suspicious activity on your account

What you should do: 

  • Do not respond to these contacts 
  • Verify the authenticity of any communication you receive by checking the ATO’s official contact numbers

What the ATO is doing:

To combat these scams, the ATO is implementing new measures to help you identify legitimate ATO SMS messages. These include:

  • Removing hyperlinks from all unsolicited SMS messages: Scammers often use these links in phishing schemes, directing victims to sophisticated fake websites, like a fraudulent myGov login page, to steal personal information or install malware. 
  • Creating a support team to monitor scams
  • Creating a service to assist victims providing comprehensive information about email, SMS, phone, and social media scams on its website. 
  • Created a service to report ATO impersonation scams.


ASIC has also issued a warning about an increase in the use of its logo in social media scams. There are 3 key tactics they are using:

  • Promoting fake stock market trading courses. This involves using social media ads to promote a “Stock Trading Master Class” that links to a private WhatsApp group called “Lonton Wealth Management Center,” which ASIC listed on its Investor Alert List in May 2024.
  • Cold calling: Posing as ASIC representatives making repeated cold calls and offering help with investment refunds. ASIC does not engage in cold calling about investments.
  • Fake Telegram accounts: A fraudulent Telegram account is impersonating ASIC, asking investors for money to release funds held in Australia. ASIC does not use Telegram and will never request upfront payments or taxes for releasing investments.

ASIC is also working with the NASC and social media platforms to actively remove this fraudulent content and reminds consumers that it does not endorse or promote investment training or platforms, does not cold call consumers, and is not affiliated with any investment offers.a

Be informed about what you can claim was ‘working from home’ expenses

Claiming work-related expenses is an area where taxpayers frequently make mistakes, and it’s something the ATO is flagging for tax time 2024.

Here are 3 key things to consider :

  • Keeping accurate records: Copying and pasting your working from home claim from last year may be tempting, but it’s something the ATO may flag and ask you to explain. Your claim will be disallowed if you’re not eligible or you don’t keep the right records.
  • Calculating correctly: There are two methods for calculating work from home expenses: the actual cost method and the fixed rate method.  Both methods require keeping detailed records and following the ATO’s three golden rules:
  1. The money must have been spent by the taxpayer without reimbursement
  2. The expense must be directly related to earning their income, and
  3. The taxpayer must have a record to prove the expense. 
  • Be eligible:  To be eligible to claim working from home expenses by either method, when working from home you must be fulfilling employment duties (not just minimal tasks like taking calls or checking emails); incur additional running expenses as a result of working from home (eg increased electricity or gas costs for heating/cooling or lighting)

Important: This is not advice. Clients should not act solely on the basis of the material contained in this article. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. This article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval. Liability limited by a scheme approved under Professional Standards Legislation.