TikTok users are being cautioned against heeding the tax advice shared by so-called “finfluencers,” according to Certified Practising Accountants Australia (CPA). The organisation has highlighted some alarming and “outrageous” claims made by these influencers regarding work-related deductions on the platform.
These finfluencers have suggested ridiculous strategies for claiming deductions, such as portraying pets as guard dogs for those working from home, categorising luxury designer bags as laptop bags, and even claiming exorbitant petrol expenses without the necessity of retaining receipts. CPA’s tax lead, Jenny Wong, stated that while some of this advice may contain a hint of truth, it is often misrepresented and applies only to specific occupations, such as farmers who may legitimately claim expenses related to their sheepdogs.
Wong emphasised that ordinary city dwellers cannot justifiably claim their dogs as guards and that the idea of using expensive designer bags for work laptops is absurd. Some influencers appear to exaggerate the potential for certain deductions solely to attract attention and engagement on social media, which undermines the importance of proper tax guidance.
Furthermore, the CPA noted that relying on such erroneous advice could lead taxpayers to miss out on legitimate claims or face serious penalties for improper submissions. Wong underscored the potential implications, stating that exaggerating or fabricating tax claims can lead to significant fines, criminal records, or even imprisonment.
Ultimately, Wong warned followers that claiming to have followed advice from a TikTok finfluencer will not absolve them of responsibility for their tax obligations. Taxpayers must be vigilant and consult legitimate resources before deciding on their claims.