TikTok users have been warned against following advice from “finfluencers” about tax returns.
Certified Practising Accountants Australia (CPA) said it has seen “outrageous” claims about work-related deductions coming from finance influencers, or “finfluencers”, on TikTok.
These influencers suggested claiming your pet as a guard dog while working from home, claiming luxury designer bags as a work laptop bag and claiming thousands of dollars worth of petrol without keeping any receipts.
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“In many cases the advice from these accounts is simply wrong. In other cases, the claims have an ounce of truth but would apply only to a very small group of workers,” CPA Australia’s tax lead Jenny Wong said.
“For example, some farmers may be able to claim expenses related to their sheep dogs, but the idea that a dog owner in a major city can claim expenses for a guard dog while they work from home is simply absurd.
“Similarly, many workers can claim the cost of buying a laptop bag.
“However, we’ve seen TikTok posts suggesting that taxpayers can take advantage of this to purchase expensive designer bags that are clearly not intended for carrying work laptops.
“Some finfluencers exaggerate the potential for certain claims to garner attention and likes. This is not serious advice. It should be ignored.”
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Wong said making wrongful claims on your tax returns can result in missing out on legitimate entitlements or lead to big fines or prosecution.
“Exaggerating a claim can have consequences. Making false tax claims could result in hefty fines, a criminal record or even imprisonment,” Wong said.
“Arguing that you took advice from a finance influencer on TikTok won’t cut it – your tax is your responsibility.”
