Why You Shouldn’t Rely on ‘Finfluencers’ for Tax Advice

Published on 9 June 2025 by Drew Pflaum
Categories: Accounting

Relevant For:

People seeking financial or tax advice online

Key Points:

• Social media “finfluencers” often give unqualified tax advice that may lead to serious financial penalties.
• Only registered tax agents are legally authorised to provide tax advice in Australia.
• Misguided advice from unqualified sources can result in incorrect returns and back taxes.
• Registered agents follow strict standards and understand complex tax law.
• Always verify a person’s qualifications before acting on their financial or tax advice.

Full Article:

In a climate where financial content floods social media, the Tax Practitioners Board (TPB) is sounding the alarm:

be cautious of “finfluencers” who share tax advice online.

These social media personalities may appear knowledgeable and confident, but, following their unqualified guidance can land taxpayers in hot water.

Many of these influencers, active on platforms like TikTok, YouTube and Instagram, are not registered professionals. Despite this, they offer tax-saving tips and hacks without the necessary qualifications or legal authority. The result? Misinformed followers may lodge incorrect returns, unintentionally breach tax law and face substantial fines or repayments.

The TPB has made it clear that only registered tax agents are permitted to provide tax advice in Australia. These professionals are rigorously trained and must adhere to high ethical and legal standards. Engaging a registered agent ensures your tax affairs are handled correctly and reduces your exposure to risk.

If you’re ever unsure about tax advice found online, do your due diligence. Check the individual’s registration with the TPB and seek guidance from a qualified tax agent or licensed financial advisor. With so much at stake, it’s not worth trusting unqualified sources when professional support is readily available.

Munro’s is an established Perth accounting firm, having been in business since 1973, and our registered tax agents stand ready to assist you with your business accounting needs.