Tax Time Scams
CoggerGurry • September 3, 2024
An ever-increasing number of email and SMS scams are doing the rounds in 2024, but perhaps most troubling is the fact that they are becoming increasingly believable.
In our industry they are typically sent from scammers purporting to be the ATO and seeking additional information to you as a taxpayer.
Key things to remember if you are confronted with a suspicious email or SMS.
- Look out for messages containing a link that asks you to log in to a government service such as myGov. The ATO has recently removed all hyperlinks in unsolicited, outbound SMS, so if you’ve received a message that appears to be from the ATO but contains a link, it’s a scam.
- You should always access ATO services by visiting ato.gov.au or my.gov.au, or via the ATO app.
- Be careful of emails requesting personal or financial information, especially if they claim to be urgent or time sensitive. The ATO will never ask for passwords, account numbers, or other sensitive data via email, SMS or unsolicited phone calls.
- Be wary of downloading attachments or opening email links. They can infect your computer with malware, leading to information being stolen.
In summary, if in doubt call CoggerGurry on 03 5571 0111, as your tax agent we can confirm any correspondence from the ATO or provide advice if you think you’ve had your security breached.
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As part of its re-election commitment, the Federal Government has passed legislation to reduce all outstanding HECS-HELP debts by 20%. The Bill passed the Senate on 31 July 2025 and will come into effect once it receives Royal Assent. The reduction will be applied retrospectively to student loan balances held as at 1 June 2025. While many borrowers have recently seen their loan balances increase due to the 3.2% annual indexation, the Government has confirmed that the 20% discount will be calculated based on the loan amount before indexation was applied. How the Reduction Will Work: Once the legislation is in effect, the Australian Taxation Office (ATO) will automatically apply the 20% reduction to eligible student loan accounts. Indexation will also be recalculated using the reduced loan balance, delivering further relief for borrowers. This change builds on previous reforms that now link indexation to the lower of the Consumer Price Index (CPI) or Wage Price Index (WPI), rather than CPI alone, an approach designed to ease the financial pressure on graduates. Lodging Your Tax Return: If you’re getting ready to lodge your tax return, you don’t need to delay. The ATO will automatically apply the discount in the coming months. If you’ve fully repaid your student loan since 1 June 2025, you may be eligible for a refund equivalent to the 20% discount (subject to any other outstanding tax liabilities). Other Changes to Student Loan Repayments: The legislation also introduces changes to repayment thresholds. From 1 July 2025, the minimum income threshold for compulsory student loan repayments will increase from $54,435 to $67,000, making repayments more equitable. If you have any questions about how these changes may affect you or your tax return, please get in touch with CoggerGurry today, we’re here to help. Tel: 03 5571 0111
Parliament has resumed, and we are watching closely for the introduction of the Division 296 tax Bill to the lower house. While the Government is managing a number of priorities, the extra time provides us with the opportunity to continue planning with clients who may be affected and to ensure we are ready when the legislation is finalised. Although no update has been given on whether the 1 July 2025 start date will be deferred, we’ll keep you informed as soon as there is more clarity. In the meantime, rest assured that we are monitoring developments carefully and will provide guidance and advice as soon as the position becomes clearer.
