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Financial influencers – or “finfluencers” – are everywhere on platforms like Instagram and TikTok. With polished content and confident advice, they’ve built large audiences, but it’s important to be cautious. Following financial or tax advice from unqualified sources can lead to costly mistakes. We’re increasingly seeing examples of misleading tips, inflated claims, and outright misinformation. Acting on these could result in unexpected tax bills, penalties, or even legal action from the ATO.

Why It’s a Problem

Many finfluencers generate income by promoting financial products or services, meaning their content may be driven by commercial interests rather than what’s best for you. Most aren’t licensed or qualified to give tax advice, and their tips often lack the accuracy and nuance required for individual circumstances. We have seen so-called “tax hacks” circulating that are not only incorrect but often apply only in very limited situations, if they apply at all.

Some recent examples flagged by the ATO and professional accounting bodies include:

  • Claiming your pet as a work-related guard dog
  • Writing off designer handbags as work-related laptop bags
  • Deducting fuel expenses without any records
  • Claiming swimwear as a work uniform

While these might sound clever, they don’t meet the ATO’s strict criteria for deductions and can easily trigger an audit. The ATO uses advanced data matching tools to flag suspicious claims, and incorrect deductions can lead to:

  • Increased tax payable
  • Interest charge
  • Penalties
  • In severe cases, criminal prosecution

How to Stay Tax-Safe

  • Be skeptical of anything that sounds too good to be true — especially on social media.
  • Refer to credible sources like ato.gov.au for accurate, up-to-date guidance.
  • Don’t jeopardise your financial integrity for a quick deduction — it’s not worth the risk.

If you’re unsure about what you can and can’t claim, speak to a registered tax professional. We’re here to help — no gimmicks, no filters, just solid advice.

Need Help?

We can assist you in reviewing your tax position before year-end to ensure you’re making the most of the opportunities available while reducing your exposure to compliance risks. Contact us today for a tailored review.

Pitt Martin Group is a firm of Chartered Accountants, providing services including taxation, accounting, business consulting, self-managed superannuation funds, auditing and mortgage & finance. We spend hundreds of hours each year on training and researching new tax laws to ensure our clients can maximize legitimate tax benefit. Our contact information are phone +61292213345 or email info@pittmartingroup.com.au. Pitt Martin Group is located in the convenient transportation hub of Sydney’s central business district. Our honours include the 2018 CPA NSW President’s Award for Excellence, the 2020 Australian Small Business Champion Award Finalist, the 2021 Australia’s well-known media ‘Accountants Daily’ the Accounting Firm of the Year Award Finalist and the 2022 Start-up Firm of the Year Award Finalist, and the 2023 Hong Kong-Australia Business Association Business Award Finalist.

Pitt Martin Group qualifications include over fifteen years of professional experience in accounting industry, membership certification of the Chartered Accountants Australia and New Zealand (CA ANZ), membership certification of the Australian Society of Certified Practising Accountants (CPA), Registered Australia Tax Agents, certified External Examiner of the Law Societies of New South Wales, Victoria, and Western Australia Law Trust Accounts, membership certification of the Finance Brokers Association of Australia Limited (FBAA), Registered Agents of the Australian Securities and Investments Commission (ASIC), certified Advisor of accounting software such as XERO, QUICKBOOKS, MYOB, etc.

This content is for reference only and does not constitute advice on any individual or group’s specific situation. Any individual or group should take action only after consulting with professionals. Due to the timeliness of tax laws, we have endeavoured to provide timely and accurate information at the time of publication, but cannot guarantee that the content stated will remain applicable in the future. Please indicate the source when forwarding this content.

By Zoe Ma @ Pitt Martin Tax