Why You Should Definitely Not Get Tax Advice from TikTok

Plus, we have a student deal for tax time 💸

It should go without saying: you shouldn’t get financial advice from just anyone on the internet.

What you should do is go see a financial advisor, tax agent or someone who is legally able to provide tax advice.

But apparently people have been getting their tax advice from TikTok..?

To the point that Certified Practising Accountant (CPA) Australia have put out a statement telling others to stop getting tax advice from TikTok.

Why? Because they’ve seen heaps of influencers or ‘finfluencers’ making claims about potential work-related tax deductions.

These include:

• Claiming expenses for your pet as a guard dog while you work from home (hahahahah sorry but your labraoodle isn’t exactly guarding anyone)
• Claiming a luxury designer handbag as a work laptop bag
• Claiming thousands of dollars in fuel costs without needing receipts

Look ngl it’s kinda funny to claim your pet as a guard dog.

But CPA Australia Tax Lead, Jenny Wong said if you do follow advice like this, it could result in you receiving a hefty fine.

“Having a large following on TikTok doesn’t automatically make someone an expert on a particular subject, especially one as complex as the Australian tax system,” she said.

“Exaggerating a claim can have consequences. Making false tax claims could result in hefty fines, a criminal record or even imprisonment.

“Arguing that you took advice from a finance influencer on TikTok won’t cut it – your tax is your responsibility.”

She also said you should not get your advice from any AI tools like CoPilot, ChatGPT or any other OpenAI tools.

If you do actually need advice during tax advice to do your taxes this year, you should reach out to a tax agent.

And you can get $20 off your tax return thanks to this Student Edge deal!

This article does not constitute personal financial advice. Before acting on any information in this article, you should consider your money goals and financial situation to ensure it’s appropriate to you.