Every scroll through social media these days reveals a new tax hack, property tip or strategy that promises to build wealth faster than ever before.
It all sounds great. I mean who doesn’t want to pay less tax, own more property and set things up like the “wealthy” do?
But here’s the problem… most of this advice isn’t personalised, often isn’t accurate and sometimes isn’t even legal. Strategies that sound simple online can have serious tax and compliance consequences if not properly planned.
What Social Media Leaves Out:
- One-size-fits-all doesn’t work in finance. Just because someone on YouTube bought 3 properties through a trust doesn’t mean it’s the right move for you. Structures need to fit your income, goals, and longer-term plans and not just trends.
- Unlicensed advice can leave you exposed. Most Finfluencers aren’t licensed as they have no qualifications, no duty to act in your best interest and no accountability if things go wrong. If you follow their advice and get hit with a tax bill, audit or penalties, you’re the one left to clean up the mess. By the time the damage is done, the video is gone, and the Finfluencer has moved on to their next trending tip.
- There’s often more to the story. The Devil’s in the (missing) details as Finfluencer tips often skip the boring bits like compliance rules, tax traps and long-term consequences. That slick “tax-saving” idea might leave you tangled in red tape or flagged by the ATO. It’s not what they say that’s the problem but it’s what they don’t.
My advice:
- Be curious, but don’t act on hype alone.
- Run ideas past your accountant, mortgage broker or financial adviser.
- Think long term not just “what can I save on tax this year?”
Always remember… The best strategies are not those that are trending but those are the ones tailored to you, your life, your goals and your numbers.
I would rather help you get it right upfront than fix it later…
Category: NEXT ZERO