P & A Accountants & Business Advisers

There's a new tax scam doing the rounds online. Here's what it looks like 👇

If you’re being asked by the ATO to click on a 'DocuSign' link to release your tax return – don’t. It's not us.

It’s a scam designed to steal your personal info to:

💰 Commit refund fraud
💰 Access your tax and super details
💰 Sell your identity to organised crime groups

We never use ‘DocuSign’ to finalise tax refunds. If you receive an email like this, here's what you need to do 👇

Here’s what you need to know...

1. You don’t need to do anything
2. The rate change applies to anyone with a study or training loan on 1 June 2023 or 1 June 2024
3. We’re backdating the credit and applying the excess to your study or training loan account.

👉 The rate change might leave you with a study or training loan account balance that’s less than zero. Good news – you’ve cleared the loan! 🎉 If you don’t have other tax or Commonwealth debts, we’ll refund the credit to your nominated bank account.

👉 If you're expecting a refund, make sure your bank details are up to date with the ATO or your tax agent.

👉 Going forward, the annual indexation is now based on either the Consumer Price Index (CPI) or Wage Price Index (WPI) – whichever is lower.

Scammers are currently targeting the community in relation to the upcoming myID changes 🚨

From mid-November myGovID is changing to myID, but how you use it will stay the same.

You don’t need to do anything to prepare for the change.

⚠️ You don’t need to set up a new myID or reconfirm your details as part of this change. If you are asked to do this, it is a scam.

Emily is a former P & A staff member doing amazing things ✨

Brush up your knowledge on:

• what records to keep
• how to calculate capital gains tax (CGT) when you dispose of crypto and
• how to report CGT in your tax return

Download our crypto factsheet 👇

If you want to make a voluntary repayment on your study loan before indexation, you’ll need to do this by 27 May. This allows enough time for the payment to clear before 1 June, which is when accounts are indexed.