News & Blogs

As the end of financial year approaches, many Australians are focused on tax returns, super contributions and getting their finances in order. Unfortunately, this heightened activity also attracts scammers who rely on urgency, confusion and tight deadlines to catch people off guard.

EOFY is one of the busiest times of year for financial administration and one of the most active periods for fraud. Knowing what to look out for can help you protect your money, your identity and your peace of mind.

Below are the most common EOFY scams we see, along with simple steps to help you stay safe.

Fake ATO Messages and Calls

One of the most frequent scams involves communications pretending to be from the Australian Taxation Office. These may arrive as emails, text messages or even phone calls claiming you’re owed a refund or have an urgent tax debt.

These messages are designed to create panic, often threatening fines, legal action or account freezes if you don’t act immediately. Payment requests may involve unusual methods such as gift cards, cryptocurrency or instant transfers - which are immediate red flags.

The ATO will never request payment this way or ask for personal details via unsolicited messages. If something doesn’t feel right, don’t click links or reply. Instead, contact the ATO directly using official contact details.

Phishing Emails Targeting Businesses

Business owners and professionals are often targeted at EOFY with emails that appear to come from payroll providers, accounting software platforms, banks or even trusted suppliers.

These messages may request updated login details, bank changes or ask you to open attachments. In many cases, clicking a link installs malware or allows scammers to intercept payments.

Always verify unexpected requests by contacting the organisation using a known phone number - not the details provided in the email. One small error can lead to larger financial losses over time.

Invoice and Payment Redirection Scams

As accounts are finalised, scammers often target businesses with fake invoices or intercepted invoices where bank details have been subtly changed.

Because these payments are expected, they can slip through unnoticed. A simple phone call to confirm any change in payment details before transferring funds can prevent significant losses.

Having clear internal approval processes and double‑checks for payments - particularly larger amounts - adds an extra layer of protection.

Superannuation and Investment Scams

EOFY reviews make super and investments a prime target for scammers promoting “too good to be true” opportunities. These may promise high returns, tax benefits or even early access to super.

Be wary of unsolicited offers and guaranteed outcomes. Any change to your super or investments should be made through licensed advisers and established institutions. Always check the credentials of any adviser or company before proceeding.

SMS and Social Media Scams

Text messages and online ads claiming you’re entitled to a tax refund or EOFY benefit are increasingly common. These often link to convincing‑looking websites designed to steal personal information.

If you weren’t expecting the message, don’t click the link. Go directly to the official website or speak with your adviser to confirm legitimacy.

Staying Safe at EOFY

Scammers rely on urgency and distraction. Messages demanding immediate action, threatening consequences or creating pressure are warning signs.

Take the time to verify communications, keep your devices updated, use strong passwords and enable two‑factor authentication where available. Regularly review bank and super statements for unusual activity.

EOFY should be about clarity and smart planning - not stress. Being alert to common scams helps ensure your money stays where it belongs.

If you receive a message that doesn’t feel right, please feel comfortable speaking to us, or the relevant institution in question, before acting. A quick check now can help prevent costly problems later.

‍