Category: Wealth Tips

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Major parties resort to extreme measures to protect banks

(This is (one of many reasons) why we want the major parties out on their ears!)

On 8 May the Senate Economics Legislation Committee released the report of its inquiry into the Banking System Reform (Separation of Banks) Bill 2019, opposing the policy. On 12 May Prime Minister Scott Morrison announced a scheme for first home buyers to purchase a house with only a five per cent deposit. The Labor Party supported the government on both issues. By these actions, as opposed to their rhetoric, the major parties have confirmed that 1) the economy is heading for disaster; and 2) they remain captive to the banks and will therefore sacrifice the livelihoods of the Australian people and economy to protect the banks and prop them up.

https://cecaust.com.au/media-releases/major-parties-resort-extreme-measures-protect-banks

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Tax agents used in a new scam

Fraudsters are impersonating both the ATO and tax agents in an attempt to scam funds from taxpayers.
Business Katarina Taurian 07 September 2018

Often using the threat of outstanding debt, these fraudsters initiate a fake three-way conversation with themselves, a taxpayer and someone impersonating a tax agent.

The tax office is warning taxpayers to be aware of this new scam, as members of the community have reported several attempts at fraud of this nature.

Scammers will also often tell a taxpayer a complaint has been made against them, that their arrest is imminent if they don’t pay a tax debt, or that a tax refund will be issued in exchange for bank account details.

Earlier this year, the ATO issued similar warnings over a myGov scam, after fraudulent emails promising taxpayers a tax refund were issued en masse, in an attempt to steal personal and financial information.

As always, the tax office is reminding the tax profession of the need to be vigilant as the regulators usually see a spike in scam activity at tax time.

katarina.taurian@momentummedia.com.au