Who should you NOT take advice from at tax time?

June 17 2025

Finfluencers.

It’s such a great label we wish we’d thought of it.

You’ve heard of influencers? They make money by being paid to push ideas and products to their followers on Instagram or TikTok or wherever.

Finfluencers are ones in the financial world that spread sometimes questionable advice because they are paid to do so. (Even on TikTok apparently!) The Tax Practioners Board have put out a warning about them.

Your accountant is the person you should be taking advice from, though they’re a bit busy at this time of year.

If you have questions about depreciation, call us. We don’t give advice, but we’re happy to give our opinion on any depreciation related matter. And if you need a new Depreciation Schedule, now is the time to act. You can make an enquiry here.

What else do you need to be careful about?

Key Points

1. 1. Steer clear of making outlandish claims. The ATO are paying particular attention to these this tax season.
2. 2. Don’t stay quiet about property related income and think the ATO won’t notice – they will.  
3. 3. Understand the difference between ‘improvements’ vs ‘repairs’ so you don’t get caught out. 
4. 4. The one piece of advice you CAN give a friend? Call Depreciator.

Making outlandish claims

This is the time of year when the ATO do press releases about the crazy claims people made last year. They do it as a warning lest others try the same thing.

Perhaps these were inspired by finfluencers?

It’s always good reading – you can read it here.

There was the mechanic who tried to claim an air fryer, two vacuum cleaners, a TV gaming console and gaming accessories as ‘work related’. The ATO deemed these items as ‘personal in nature’. In other words, ‘yeah, nah’.

Our personal favourite is the truckie who tried to claim swimwear because it was hot where he stopped in transit and he wanted to go for a swim. If he had got that one through, he might have tried for a surfboard this year.

And there was the manager in the fashion industry who claimed over $10,000 in branded clothing and accessories so he could look the part at work and swan around at functions. Yeah, nah.

The risk with trying this sort of stuff is that it draws attention from the ATO, and nobody wants to do that.

Not declaring all property related income

But the flipside to making outlandish claims, is staying very quiet about property related income and thinking the ATO won’t notice.

They will.

They know from banks when people have investment loans and will be curious if no income is declared but a deduction for interest claimed.

They know when a bond is lodged with a rental bond board on behalf of a tenant. Again, if there is a bond lodged for a property and no income declared, it makes the ATO curious.

They know from the software providers who service the real estate industry if rent is paid to a taxpayer for a particular property and they are disappointed if no income is declared.

They know if someone is renting out a spare bedroom on Airbnb and thinking they’re flying under the ATO radar.

In short, they know all. You can read more on this here. 

Not mistaking improvements for repairs

We write about this all the time, most recently here.

But it’s still the thing people most ask about. Even accountants ask about it.

You need to know when a ‘repair’ is actually an improvement i.e. 2.5% per year.

The ATO are fairly clear on this, so you need to be as well.

Advising a friend

No, we’re not suggesting you become a ‘finfluencer’’.

But you clearly know about depreciation, so you should let your friends in on the ‘secret’. And earn yourself a $40 Eftpos card by referring them. You can do that here.

When you refer a friend, we have a chat with them, much like we probably did with you. We’ll work out if there is depreciation to claim in their property and then we’ll tell them how we can help them claim it.

Sometimes there is no depreciation to claim, but it’s always good to make sure.

Sometimes people are sure before we talk to them that there is no depreciation in their older property and are surprised when we tell them there is – often in the renovations. We have written about that before.

There are lots of property investors out there not claiming depreciation and it breaks our collective heart.

Do you have a residential or commercial property you would like us to help you claim depreciation for? Or a question about depreciation?

Order online now or call us on 1300 660 033 and rely on our 20-plus years of experience in estimating depreciation returns.