As the EOFY approaches, many individuals and businesses are busy preparing tax returns, reviewing superannuation and getting finances in order. It’s also a time when scam activity tends to increase as people focus on deadlines and end-of-year financial tasks.
EOFY brings more financial activity than usual, including refunds, payment reminders, super contributions and updated documentation. Scammers often look to take advantage of this increased activity by creating messages that appear urgent or time-sensitive.
Knowing what to look out for can help you stay organised and protect your finances with confidence. This guide outlines some of the more common EOFY-related scams and shares practical steps to help you stay secure.
Fake Australian Taxation Office (ATO) communications
Messages that appear to come from the ATO are a common EOFY scam. These may be as emails, text messages or phone calls claiming a refund is available or that a payment must be paid urgently.
These messages often encourage quick action and may mention penalties, legal action, or account issues. Requests for payment via gift cards, cryptocurrency or direct bank transfer. The ATO will never request payment in these ways.
If you ever receive an unexpected message, it’s best to verify it independently. Avoid clicking on links or sharing personal information – instead, contact the organisation using details from an official website.
Phishing emails targeting business owners
EOFY can be a busy period for businesses, particularly those finalising payroll, using accounting software platforms, working with banks, and even bookkeepers.
These emails may request login credentials, bank information updates, or contain attachments that install malware. Before responding, verify any unusual requests by contacting the organisation using a trusted phone number. Avoid relying on the contact details or links provided in the email itself.
Even seemingly minor requests can be part of a larger scheme. A small error in payment details can lead to ongoing impacts if scammers are able to redirect multiple invoices over time.
Invoice and payment redirection scams
Businesses may also receive invoices at EOFY that appear routine but can contain altered bank account details.
Because these payments are routine and expected, they can be processed without question. Always double-check any changes to payment details with the supplier before sending funds. A quick verification call can prevent significant financial loss.
It’s also wise to keep a consistent process for approving payments, including multiple checks or sign-offs for large amounts, which can further support good financial controls.
Superannuation and investment scams
EOFY is a common time for people to review superannuation and investment strategies. Scammers sometimes take advantage of this by promoting false opportunities that claim to offer exceptional returns or tax benefits, or by encouraging early access to superannuation to “avoid tax” or “invest better.”
Be cautious of unsolicited offers and claims that appear too good to be true. Only consider changes to superannuation or investments through verified and legitimate channels. Check any adviser or company through the official regulatory registers before taking any action.
Social media and SMS scams
Short text messages or social media ads claiming you are eligible for a tax refund are increasingly common. These often contain links to fake websites that collect personal information. Scammers may use official-looking logos, branding, and URLs to make the message appear legitimate.
Avoid clicking on links from unexpected messages. Instead, verify the legitimacy of any refund or offer on official websites and use secure channels for submitting sensitive information.
Staying safe
At EOFY, it’s important to slow down. Scammers rely on urgency. Messages that pressure you to take immediate action or threaten consequences are red flags. Verify first, act second.
Keep devices and software up to date, use strong and unique passwords, and enable two-factor authentication where possible. Keep an eye on your accounts for unusual activity and regularly review payment processes to make sure safeguards are in place.
EOFY should be a time to tidy up finances and plan for the year ahead. Protecting yourself from scams ensures that money stays where it belongs and that EOFY is a time for financial clarity, not stress.
Next steps
EOFY brings increased activity and risk. If you receive a communication or request that you are unsure about, your Nexia Adviser can help you assess its legitimacy and guide the appropriate next steps. A brief conversation now can help protect your finances and allow you to navigate EOFY with confidence.
