We would like to share with you an update from CPA Australia regarding ATO impersonation scams reported by the community in September 2018. The ATO is reporting a variation of the ATO impersonation scam where people are contacted by someone claiming to be from the ATO and demanding payment of a ‘debt’. In the example provided by the ATO, the person pretending to be from the ATO dialed the victim’s tax agent into a three-way teleconference; however, it wasn’t the victim’s tax agent, it was someone pretending to be from the agent’s practice. The person then instructed the victim to pay the ‘debt’ on that day, and via Bitcoin. The ATO reports that during July and August, it received more than 7000 scam reports to its dedicated phone line, with close to $190,000 being paid to scammers, and more than 1600 people handing over their personal or financial information. – Fake Tax Agent Scam, CPA Tax News Issue 34 Know the status of your tax affairs. If you are aware of the details of debts owed, refunds due and lodgements outstanding, you are less likely to fall victim to a scam. You can regularly check your details via myGov or by contacting your registered tax agent. If you receive a call like the example above, you can hang up and call your tax agent independently. It’s OK to hang up and phone the Australian Taxation Office on 1800 008 540 to check if the call was legitimate, or report a scam.
Xero has recently announced its pricing adjustment starting 28 September 2018. The price adjustment will only affect those who are on Premium Plans. Good news for the smaller employers, as the Standard Plan now covers payroll for two employees instead of one, at no extra cost. For those who are on Premium Plans, here are the adjusted prices below: For more information on the Xero pricing adjustment, check out the Xero Blog. The price changes take effect for existing and new plans from 28 September 2018, and will show on invoices from this date onwards. If you have any questions, don’t hesitate to call our office.
We would like to share with you our September 2018 issue for Prepare for Life. In this issue: Are Australians having a personal debt crisis? – Credit seems to be everywhere. Visit the local shopping centre and we will be enticed by interest-free terms on a new lounge, bed, TV, or white goods. More and more shops are offering access to ‘Afterpay’, and of course, credit cards are accepted everywhere. (See more…) Ten years, Twenty Headlines – Have you read the news today? Chances are there’s something happening in the world with the potential to keep you awake at night. But while it’s one thing to follow the news, it’s another to act on it in a way that can backfire on you as an investor. (See more…) Pensioner or Seniors Concession Card? – Depending on where you reside in Australia, there is a wide variety of cards and concessions on offer to people over the age of 60 or 65. (See more…) We hope you find this newsletter of value to you. If you have questions on any of these topics, please contact us.