The end of the financial year is near. So all of us — especially those scrambling at the last minute to get their receipts in order — should keep an eye out for the accompanying onslaught of tax scams.
Posing as the Australian Taxation Office in particular has been a key vehicle for scammers to target victims, with considerable success over the years.
According to an Australian Competition and Consumer Commission report, scams targeting Australians last year cost an estimated A$851 million. Reported financial losses over the past five years show a clear upward trajectory.
And while this is clearly concerning, it only represents a proportion of the overall problem, as many victims are unlikely to report being scammed.
Scams come in various forms. Often they will use social engineering to…