Avast cybersecurity expert Stephen Kho identified three prominent scams circulating at the moment:

  1. Fake tax preparers claiming they can do tax returns fast, and for a low price.
  2. ATO phishing scams used to trick taxpayers into giving them their sensitive information.
  3. Emails posing as the CEO, director, or a payroll provider known as 'business email compromise' scams.

"Cybercriminals are always looking for new ways to steal your data, personal details or money through increasingly sophisticated scams and online threats - and the timely hook of tax time helps them seem more legitimate," Mr Kho said.

To combat these three key scams, Mr Kho gave the following tips:

1. Fake tax preparers

The scam works by so-called tax preparers accessing your MyGov details. To combat this...

  • Check that the tax preparer is registered on the Tax Practitioners Board (TPB) at tpb.gov.au. 
  • Don't share your MyGov password with anyone.
  • Use two-factor authentication on your MyGov login - this consists of MyGov's code generator app or opting to receive a verification code via SMS when logging in.

2. ATO phishing scams

These scammers go 'fishing' by impersonating a trustworthy source such as the Australian Tax Office. 

Keep an eye out for unsolicited emails, calls or SMSs prompting you to input your details or make a payment. To combat this...

  • Don't click on links or follow prompts to login to your account or provide payments. The ATO won't ever threaten immediate arrests or criminal charges, nor will it suspend your tax file number. If you're in doubt, don't respond, hang up immediately and call the ATO directly.
  • Use anti-virus software that protects you from malicious software you might have downloaded.

3. Emails posing as a CEO, director or payroll provider

These emails typically demand copies of payroll details or PAYG payment summaries, which include a lot of personal information. To combat this...

  • Make sure you strictly follow your company's payment authorisation or approval process.
  • Never send tax information electronically without verifying with the sender in person or on the phone. 

"We know these scams have been prevalent in high numbers over the last few years, so it’s important to be on the front foot and know what to look out for when it comes to identifying fraudulent activity online, especially around tax time where we are having conversations around finances with various institutions," Mr Kho said.


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Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$980
4 months
$0
$250,000
$0
$0
Featured
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$1,000
$0
1.20% p.a.
Bonus rate of 4.20%
Conditions apply.
5.40% p.a.
$1,107
$0
$250,000
$1,000
$0
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$1,001
4 months
$0
$249,999
$0
$0
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
0.50% p.a.
Bonus rate of 4.85%
Conditions apply.
5.35% p.a.
$1,097
$1
$50,000
$500
$1
  • Maximum Age - 24
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
$1,044
$0
$250,000
$200
$0
No monthly fees
  • Download the App to open your account
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  • Deposit $200 per month to activate bonus interest
0.05% p.a.
Bonus rate of 4.95%
Conditions apply.
5.00% p.a.
$1,023
$1
$250,000
$20
$0
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
0.05% p.a.
Bonus rate of 5.45%
Conditions apply.
5.50% p.a.
$1,128
$0
$50,000
$1,000
$0
For customers aged 14-35 years
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
$0
$250,000
$1,000
$0
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

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