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The Tax Practitioners Board has warned taxpayers about the risks of following tax advice promoted on social media platforms.
TPB cautions taxpayers on financial risks of ‘finfluencer’ advice
29 May 2025
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8 minute read
In a recent statement, the TPB said the number of finfluencers promoting financial advice and tax advice on various social media platforms is on the rise.
"Unfortunately, they don’t always have the necessary qualifications to give out this advice or provide all the information you need to make a fully informed decision," the TPB warned.
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This can result in consumers losing thousands of dollars and cause them serious financial harm.
"The main way ‘finfluencers’ make their money is by getting paid by companies that want to promote their financial products through the ‘finfluencer’s’ social media platform," the TPB said.
"These financial products may not be suitable for you and the ‘finfluencer’ may not fully understand all the risks of promoting this to you."
The TPB advised any taxpayers who were looking for someone to manage their tax affairs or give tax advice to ensure they're registered with the TPB by checking the TPB Register.
"Tax practitioners registered with us must be fully qualified to give you tax advice and prepare your tax return," it said.
"Additionally, tax practitioners must possess professional indemnity insurance – a consumer protection device to cover you if you suffer a loss due to an error or omission as a result of tax agent services which is a protection unlikely to be offered by a ‘finfluencer'."
The TPB said taxpayers can also obtain accurate tax information from ATO.gov.au, which can also help confirm any tax advice they have received.
"If something seems too good to be true, it probably is. Think twice before acting on financial and tax advice from a ‘finfluencer’," it said.
The TPB warned consumers to beware of websites that might be trying to harvest their personal information such as their tax file number, identity details or myGov login details.
CPA also issued a warning about relying on online tax tips from finfluencers this month, with the accounting body noticing a number of incorrect claims about work-related deductions appearing across social media platforms.
The accounting body said it had seen many examples of TikTok finfluencers – some with large followings – making outrageous claims about potential work-related tax deductions, such as claiming expenses for a pet as a guard dog while working from home.
Other examples include claiming a luxury designer handbag as a work laptop bag and claiming thousands of dollars in fuel costs without needing receipts.
Jenny Wong, tax lead at CPA Australia, said it was concerning that many Australians watch this content and assume they are getting free expert advice.
“In many cases the advice from these accounts is simply wrong. In other cases, the claims have an ounce of truth but would apply only to a very small group of workers,” Wong said.
“For example, some farmers may be able to claim expenses related to their sheep dogs, but the idea that a dog owner in a major city can claim expenses for a guard dog while they work from home is simply absurd.
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