‘Alarming' AI powered scams targeting Australians
'This is alarming … some of the methods of scams has really gone up to another level thanks to AI,' Mr Fenech told Sky News Australia.
'A lot of people have unfortunately given up their details … and their accounts have been compromised.
'Make sure you've got the latest version of all that software because if you don't have that protection, you could easily be led to these sites.'
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7NEWS
a day ago
- 7NEWS
When will my tax return hit my bank account? Your key tax questions answered
The key question for many Australians once they have lodged their tax return will be — when will the refund drop into my bank account? The Australian Taxation Office has an answer for that important point, while experts have also provided tax insight into the obligations of those earning income from the likes of cryptocurrency, OnlyFans and Uber. Plus there's a warning about the sinister messages that could be sent directly to your phone or email over the coming weeks and months in a bid to catch you out. I trade cryptocurrency — do I have tax obligations? Some people might think that income from crypto trading is not taxable, but digital or virtual currency is not exempt. 'The ATO treats money earned this way just like any other income, so it needs to be reported and taxed,' Two Sides Accounting director and Xero Partner Advisory Council member Natalie Lennon told 'Keeping clear records and being upfront with the ATO helps you avoid penalties and stress later on.' Chartered Accountants ANZ's tax lead Susan Franks said the ATO has an 'extensive data matching program with crypto exchanges operating in Australia'. 'Client identification and transaction details are provided and matched to ATO systems to identify people who have failed to report the disposal of crypto assets in their tax return,' Franks said. CPA Australia tax lead Jenny Wong said it is vital for cryptocurrency holders to understand their obligations. 'Crucial to this is understanding whether you're a 'trader' or an 'investor'. This distinction will determine how your crypto transactions are taxed,' Wong said. OnlyFans, Airtasker, Airbnb and Uber Since July, 2024, platforms such as YouTube, social media sites and OnlyFans have started reporting data on their users and their income to the ATO for data-matching purposes, meaning 'nothing will go under the radar'. 'This includes revenue from ride-sourcing, renting out assets such as car parks, handbags or a room in your home,' Wong said. 'So, if you think your online earning activity is not taxable, you'll need to think again.' Franks said the ATO requires electronic platform operators, including ride sharing and accommodation platforms including Uber and Airbnb to report certain identity and income information on transactions to make sure that sellers are paying tax on their income. 'The ATO also receives data from financial institutions and can use that to detect if you are earning income through social media,' Franks said. How long will it take to get my money once I've lodged my tax return? Most refunds are issued within two weeks, but the process can take longer if the ATO has queries. 'This process cannot be sped up, even if you call us,' ATO Assistant Commissioner Rob Thomson said. 'You can keep track of your return by logging into the ATO app or ATO online services through myGov. Paper tax returns can take up to 50 days to process. Wong said there is a misconception that lodging your return straight away puts you at the front of the queue for a refund, 'but it's not that simple'. 'Take your time, get your facts right, and lodge a full and comprehensive claim when you're ready,' she said. What tax offsets am I eligible for? An offset can trim the amount of tax you pay on taxable income. The ATO will work out some offsets automatically when you lodge your return however others will need to be claimed in the offsets section of your tax return. For more on these, visit the ATO website. When will Labor's $1000 instant tax deduction kick in? During the lead up to the federal election, Anthony Albanese announced a re-elected Labor Government would introduce a $1000 instant tax deduction from 2026-27 as part of cost-of-living relief to help about 5.7 million Australians. It will mean taxpayers will not need receipts to claim the deduction of less than $1000 for work-related expenses 'saving time and money'. 'The reform will allow taxpayers to choose to claim a $1000 instant tax deduction instead of claiming individual work-related expenses, saving time and money,' Prime Minister Anthony Albanese and Treasurer Jim Chalmers said. However it will not apply to tax time 2025. Some accounting experts say taxpayers who have little to claim will be better off. 'However, in reality, many taxpayers may still need to keep receipts,' according to H&R Block. 'That's because you won't know if your total work-related expenses exceed $1000 until the end of the financial year.' Scam season Australians should be on alert for emails, phone calls and texts claiming to be from the ATO, as scammers look to cash in on tax season. In one recent con job, scammers pretending to be from the ATO were emailing taxpayers and telling them their taxable income had been recalculated and they are were in line 'to receive compensation'. 'To claim the amount, they are asked to reply to the email with personal identifying information such as payslips, tax file numbers, driver's licences and Medicare details,' the ATO said. Scammers would then use that information in a variety of ways, including to steal identities. In another scam, taxpayers were texted a link and encouraged to click through to a fake myGov sign-in page designed to steal usernames and passwords. 'We will never send an unsolicited message asking you to return personal identifying information through SMS or email,' the ATO said. If in doubt, 'don't respond'. You can report suspicious activity to ReportScams@ Tax reform Treasurer Jim Chalmers has flagged tax reform in on the agenda. The topic featured heavily during an address to the National Press Club on June 18. He said reform is bigger than balancing spending and collecting, saying it is about about lowering the personal tax burden and increasing the incentive to work, creating a simpler system to fund vital services and improving intergenerational equity. 'No sensible progress can be made on productivity, resilience or budget sustainability without proper consideration of more tax reform,' Chalmers said. Opposition finance spokesperson James Paterson said he is up for working with Labor on reforms but would not be giving them a 'blank cheque'. 'I am concerned that the Treasurer is possibly preparing the ground here for higher taxes,' Paterson said. 'And in the middle of a productivity crisis, and particularly in the middle of a business investment crisis, which is at decade lows, the last thing the Australian economy needs right now is higher taxes. 'We are up for a conversation with the government to work with them constructively to make our tax system more efficient, to collect revenues in ways that are less distortionary. 'But we are not going to give them a blank cheque to increase taxes on Australians at the worst possible time for our economy.'
The Advertiser
a day ago
- The Advertiser
The solar battery rebate has arrived: here's what you need to know
The federal government's solar battery rebate opened on July 1, and, in a land of plentiful sun, many Australians are asking if it's worth adding to their energy system. The solar battery rebate offers 30 per cent off the cost of installing batteries from July 1, 2025, with the discount decreasing annually until the end of the program in 2030. The rebate is part of the federal government's $2.3 billion Cheaper Home Batteries Program, encouraging households and small businesses to install solar batteries. ACT installer SolarHub's chief executive Benn Masters said solar batteries had become a more worthwhile investment, with the systems now paying for themselves in five to six years rather than 10 to 12. His team had been run off their feet in the lead-up to the start of the rebate program, with some local businesses already booking installations into October 2025. Feed-in tariffs for solar have dropped substantially due to increased supply during the day, but the cost of energy in the evenings continues to rise. "A battery changes [the loss of feed-in tariffs] dramatically," Mr Masters said. "It allows you to charge the battery during the day and then discharge it at nighttime when you're paying those really high-peak rates, which can be upwards of 40, 50 cents a kilowatt-hour. "So rather than getting 6 cents a kilowatt-hour for your solar, you're getting 50 cents a kilowatt-hour." A kilowatt-hour measures the amount of electricity produced by solar panels. To be eligible for the program, a battery storage system must be in the range of 5 to 100 kilowatt-hours in nominal capacity. The nominal capacity is the maximum amount of energy a battery can store at full charge. Electric vehicles are not eligible battery systems for the program, and the chosen battery system and the inverter must be listed on the Clean Energy Council-approved product list. The cash payout for the rebate depends on the battery's capacity, with calculations available on the program's website. To be eligible for the rebate, battery systems must be installed on or after June 1. Some Canberra businesses have raised concerns about an increase in "cowboy" businesses entering the solar market, selling batteries at low cost and disappearing once the rebate wraps up. However, a Clean Energy Regulator spokesperson said the agency, which was administering the rebate program, would be monitoring the market to ensure all products and installers met the minimum safety and quality standards. The federal government's solar battery rebate opened on July 1, and, in a land of plentiful sun, many Australians are asking if it's worth adding to their energy system. The solar battery rebate offers 30 per cent off the cost of installing batteries from July 1, 2025, with the discount decreasing annually until the end of the program in 2030. The rebate is part of the federal government's $2.3 billion Cheaper Home Batteries Program, encouraging households and small businesses to install solar batteries. ACT installer SolarHub's chief executive Benn Masters said solar batteries had become a more worthwhile investment, with the systems now paying for themselves in five to six years rather than 10 to 12. His team had been run off their feet in the lead-up to the start of the rebate program, with some local businesses already booking installations into October 2025. Feed-in tariffs for solar have dropped substantially due to increased supply during the day, but the cost of energy in the evenings continues to rise. "A battery changes [the loss of feed-in tariffs] dramatically," Mr Masters said. "It allows you to charge the battery during the day and then discharge it at nighttime when you're paying those really high-peak rates, which can be upwards of 40, 50 cents a kilowatt-hour. "So rather than getting 6 cents a kilowatt-hour for your solar, you're getting 50 cents a kilowatt-hour." A kilowatt-hour measures the amount of electricity produced by solar panels. To be eligible for the program, a battery storage system must be in the range of 5 to 100 kilowatt-hours in nominal capacity. The nominal capacity is the maximum amount of energy a battery can store at full charge. Electric vehicles are not eligible battery systems for the program, and the chosen battery system and the inverter must be listed on the Clean Energy Council-approved product list. The cash payout for the rebate depends on the battery's capacity, with calculations available on the program's website. To be eligible for the rebate, battery systems must be installed on or after June 1. Some Canberra businesses have raised concerns about an increase in "cowboy" businesses entering the solar market, selling batteries at low cost and disappearing once the rebate wraps up. However, a Clean Energy Regulator spokesperson said the agency, which was administering the rebate program, would be monitoring the market to ensure all products and installers met the minimum safety and quality standards. The federal government's solar battery rebate opened on July 1, and, in a land of plentiful sun, many Australians are asking if it's worth adding to their energy system. The solar battery rebate offers 30 per cent off the cost of installing batteries from July 1, 2025, with the discount decreasing annually until the end of the program in 2030. The rebate is part of the federal government's $2.3 billion Cheaper Home Batteries Program, encouraging households and small businesses to install solar batteries. ACT installer SolarHub's chief executive Benn Masters said solar batteries had become a more worthwhile investment, with the systems now paying for themselves in five to six years rather than 10 to 12. His team had been run off their feet in the lead-up to the start of the rebate program, with some local businesses already booking installations into October 2025. Feed-in tariffs for solar have dropped substantially due to increased supply during the day, but the cost of energy in the evenings continues to rise. "A battery changes [the loss of feed-in tariffs] dramatically," Mr Masters said. "It allows you to charge the battery during the day and then discharge it at nighttime when you're paying those really high-peak rates, which can be upwards of 40, 50 cents a kilowatt-hour. "So rather than getting 6 cents a kilowatt-hour for your solar, you're getting 50 cents a kilowatt-hour." A kilowatt-hour measures the amount of electricity produced by solar panels. To be eligible for the program, a battery storage system must be in the range of 5 to 100 kilowatt-hours in nominal capacity. The nominal capacity is the maximum amount of energy a battery can store at full charge. Electric vehicles are not eligible battery systems for the program, and the chosen battery system and the inverter must be listed on the Clean Energy Council-approved product list. The cash payout for the rebate depends on the battery's capacity, with calculations available on the program's website. To be eligible for the rebate, battery systems must be installed on or after June 1. Some Canberra businesses have raised concerns about an increase in "cowboy" businesses entering the solar market, selling batteries at low cost and disappearing once the rebate wraps up. However, a Clean Energy Regulator spokesperson said the agency, which was administering the rebate program, would be monitoring the market to ensure all products and installers met the minimum safety and quality standards. The federal government's solar battery rebate opened on July 1, and, in a land of plentiful sun, many Australians are asking if it's worth adding to their energy system. The solar battery rebate offers 30 per cent off the cost of installing batteries from July 1, 2025, with the discount decreasing annually until the end of the program in 2030. The rebate is part of the federal government's $2.3 billion Cheaper Home Batteries Program, encouraging households and small businesses to install solar batteries. ACT installer SolarHub's chief executive Benn Masters said solar batteries had become a more worthwhile investment, with the systems now paying for themselves in five to six years rather than 10 to 12. His team had been run off their feet in the lead-up to the start of the rebate program, with some local businesses already booking installations into October 2025. Feed-in tariffs for solar have dropped substantially due to increased supply during the day, but the cost of energy in the evenings continues to rise. "A battery changes [the loss of feed-in tariffs] dramatically," Mr Masters said. "It allows you to charge the battery during the day and then discharge it at nighttime when you're paying those really high-peak rates, which can be upwards of 40, 50 cents a kilowatt-hour. "So rather than getting 6 cents a kilowatt-hour for your solar, you're getting 50 cents a kilowatt-hour." A kilowatt-hour measures the amount of electricity produced by solar panels. To be eligible for the program, a battery storage system must be in the range of 5 to 100 kilowatt-hours in nominal capacity. The nominal capacity is the maximum amount of energy a battery can store at full charge. Electric vehicles are not eligible battery systems for the program, and the chosen battery system and the inverter must be listed on the Clean Energy Council-approved product list. The cash payout for the rebate depends on the battery's capacity, with calculations available on the program's website. To be eligible for the rebate, battery systems must be installed on or after June 1. Some Canberra businesses have raised concerns about an increase in "cowboy" businesses entering the solar market, selling batteries at low cost and disappearing once the rebate wraps up. However, a Clean Energy Regulator spokesperson said the agency, which was administering the rebate program, would be monitoring the market to ensure all products and installers met the minimum safety and quality standards.
Sydney Morning Herald
2 days ago
- Sydney Morning Herald
‘Convenience is at odds with security': Why it's going to be slower – and safer – to access your money
Australians are set for slower but more secure online banking as the country's biggest banks roll out multifactor authentication to prevent customers falling victim to scams and fraud. It's estimated Australian banks spend hundreds of millions of dollars on cybersecurity, employing everything from facial or voice recognition to fingerprints, SMS codes and authenticator apps to verify users' identity. But payments expert Mike Ebstein said the banks had been 'slow out of the blocks on digital security'. 'Australia is way behind in all this stuff,' banking and payments consultant Grant Halverson agreed. Halverson said two-factor authentication, which has been used overseas for between five and 10 years, was like having a fire extinguisher at home. 'Does it stop the fire? No. Does it put it out? Possibly,' he said. In the coming months, Australia's biggest bank, Commonwealth, will force customers using a computer and who have the bank's app to confirm their identity every time via the app. This means thieves would need more than a username and password to access an account. However, customers without the app will not have two-factor authentication. Westpac, National Australia Bank and ANZ also require multifactor authentication, although not for every logon. According to the Australian Community Attitudes to Privacy Survey 2023, some 43 per cent of people use multifactor authentication when it's available. The Australian Banking Association said the country's banks were world leaders in security. It said multifactor authentication was 'just one of the many tools used to verify identity and safety accounts', alongside shared scam intelligence, limits on high-risk payment channels, payment delays and security questions.
